I found when picking up the S3 that the peg (for me) sits too close to the footrest and thus doesn't sit with the rubber protector on my boot. I decided to shorten it by cutting off the peg, finishing the end and then drilling and tapping about an inch forward of the original. I machined a new peg rubber out of Acetal and countersunk the bolt, fitted with some threadlock to secure it. I'll be putting a half nut on the inside for just a bit more security. Peg now sits nicely on the boot protector and gear changes now more comfortable.
Yep I can see what you done there, spot on well done, looks good. ( never came across Acetal to be honest, but just googled it, never to old to learn)