Which of these 2 bolts do I remove to install frame slider? Are either of them holding something important currently?

 

In your pic I think the rear is where the fairing bolt goes and the front is the one you'll use.
Here is where mine is mounted:

 

Thank you, that answers it.. I have the same sliders as you also.. Just gotta cut now

 

If you haven't cut here is what I rcommend.

out the bolt into the hole but not all the way. Just far enough to be in but will still make contact with the fairing./insulation. put some grease or paint on the head of the bolt and put the fairing on then hit on the fairing where the bolt is. This will transfer the grease to the fairing and you'll know exctly where the bolt is which will be the center of your hole. Drill pilot hole and put fairing back on. You should be able to see thecenter of the bolt hole. If you do remove everything and use the hole saw to cut your slider hole.

 

What you can also do is replace that bolt with temporary one made for marking exact centre. Take any bolt with correct threading and length and cut head off. Grind end to pencil-point. Thread into frame with point sticking out. Install fairing over it and tap with rubber mallet. Point of bolt will make dimple at exact centre. i used hole-saw of exact same size as slider and fairing contacts it all around for firm fit.

 

My Shogun brand sliders replaced the bolt on the motor and then had to cut out a hole in the fairing. I used my cat's laser pointer to reference the spot to drill the hole.