Yeah, I know that the pegs fold. What doesn't is the short block that the peg pivots on. If that is mounted too low, I've heard of that hitting down before the foot pegs do and levering the tires off the road.
I'm thinking that if the 3 piece clamp were placed on the bottom bar inverted, so that the tang that the pegs mount to were pointing straight up, that might be a good location and only decrease the ground clearance by the thickness of the clamp. One problem is that, on the T-Rex guards, the right side bar has a weld joint right in the middle of the lowest horizontal bar, which is right where I would want to put it. I may be able to Dremel the weld smooth and get the clamp to fit on there without weakening the guard. The left side guard is a nice smooth, straight bar. Weird that they are so much different from side to side.
I'll order a set of those clamps this week and see where I can fit them.