omcrider,
the issue my wife had with anything that dropped the pegs lower is her short legs. It wasn't bad for her when the saddlebags were not on, but when they were, the back of her legs were sitting on them.
I went with the 50mm MFW Vario arms and standard pegs and have them rotated to bring the pegs higher than standard. My wife would still like floorboards so at some point, I may follow 556Alpha's lead and go that same route.