The modification is really quite easy.
I first got the idea when I saw Tarkus, on the VROC newsgroup, discussing
the modification of his shift lever. I never liked the little stock peg it (and
most other bikes) came with, so I ran over to American Motorcycle Classics
in Wendell NC and bought their big O-ring style 'Vibra-Kushion' shift
peg manufactured by Custom Chrome (part #18-974).
The original peg was a one piece
assembly, so I broke out the dremel tool and cut-off disks. A few minutes later,
the original peg was lying on the ground. Then, I used the dremel to remove all
of the weld. I finished polishing the new surface for the peg to set on flat,
while trial fitting the new
peg to make sure it was going to be "square" with my footpeg.
I then drilled and tapped the shift lever
to 5/16" x 24 threads, and bolted the new peg on! What a difference in the
feel of the shifter it does make. The new peg completely covers my shoe,
and increased the "cool factor" substantially :-)