I tried this mod and to works well. I put them on now to try them out on a extended trip.

 

Sorry to revive this thread, but these pegs are what I have on my '88.
They can be bought in variable height and adjust then the fore and aft.
Little pricey ($155), but they are German quality and you can customize them 3 ways.
The fist picture shows the fixed height ones I have. They come in 3 different fixed settings 20, 30 or 50 mm and variable.
Foot Peg Lowering Kit Honda. Wild Hair Accessories. Motorcycle Accessories & Aftermarket European Parts.