i looked into the fastway pegs also, but i think they are no lower than the standard pegs with the "modification" look in mods forum i think. i contacted them, they said you can mount the peg either way and when lowered it moves them half inch down and back, which is exactly the same as the modification.
ive lowered them on my yz and i like it much better, everything is a comprimise but a lowered center of gravity and being able to hold on easier with my knees out weighs the occasional grounding of a peg (i hope i can still say this when i start doing heavier landings). the only thing i didnt like was that the peg is moved further back, but i am in the process of adding some extra teeth the the front ot the peg.
i have also ordered some protaper windam bend, they are very similar to the carmicheal bend just slightly wider.
the next thing on the wish list will be that taller seat, then i will have no excuses left for being so slow :o
later