Well, I got the shift lever and brake lever adjusted to my satisfaction. Didn't end up cutting the brake lever adjusting rod; just adjusted down about as far as it'll go when left intact. The lever could be a bit lower, but after a short test ride I think I can easily get used to it. My brake was constant on at first, but the plastic brake switch nut was easily adjusted to eliminate that issue. Cruise also worked perfectly after adjustment.
As far as the Knight Design pegs themselves go, they're beautifullly-machined and more comfortable for me based on the short test ride. Only issue was that I had to grind the left side peg significantly in order for it to clear the sidestand brace/foot shelf (or whatever it's called)...maybe I should have ground on that instead of the peg? Oh well, you'd have to be looking for it to see it. I've made the nice folks at Knight Design aware of this and they said they'll re-engineer them.
The last 3 pics show the left side peg...the first of them before grinding on the lower rear edge, and the last 2 after. Not as pretty but much more effective
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Anyway, all's well that ends well. I may end up cutting the brake lever adjusting rod...time will tell. Thanks for all the help guys!
Rob