These 'swingwing' pegs from Kuryakyn allow your boot to sit flat, comfortably supported. The two sections locked together in this position. Bottom section swings out/locks to create highway pegs & can also rest boot on both sections together if desired, you have to stop though to unlock & swing to both positions. Pretty happy with them - any product that keeps me riding longer is a winner. Cost $300.

My WG set-up has always been good for ground clearance to begin with & the new pegs have the same ground clearance as stock when folded together to create the boards. Yeah, I realise they're not up as high as real highway pegs are, but when folded out the peg wings are up on the higher front side. I saw the cornering clearance is slightly reduced whilst going for a blast through my favourite bit of fast winding roads but didn't have any issue. Will have them folded in mostly anyway for a good comfortable floorboard, would only use the highway pegs if I was to be sitting on the Hume Hwy for hours (which I don't do much anyway).   

I had the same pegs on my nightrain for many years, had no scrap, but I may not ride as hard

I had to re-tension the allen nut every couple months till I put some loctite on

Yeah Soap, I had a couple of long rides after fitting them, most of the time with these pegs folded down. Found them very comfortable & haven't scraped them so did the same as you & put Loctite (blue medium-strength) on bolt threads once I was happy with the tilt angle.