REAR wheel fender?
 

I'm looking to completely do away with my chain guard \ wheelhugger setup, but I still want that fender above the tire to keep it from slinging mud into my bike. Does such a thing exist?

Ive never seen one, the problem would obviosuly be mounting. You would have to drill, tap and bolt it to the swingarm behind the shock if you didn't want to use the stock hugger mounting points.

What Cajun said and drilling on the swingarm is a big no-no, imo.

I wouldn't say its a "big no-no". In fact, its done all the time. Anything done properly is effective.

Hope you find something.