Yeah, that makes sense. The MC boards appear to sit about 3/4 inch lower than the stock peg mounts already. Are there any lowering kits that are still available? I saw that Kury makes a peg lowering extension, too, but it seems pricy for what it is ($90, plus $25 for the Honda adapter, plus the actual pegs).
I have the MC Boards with a Rattlebar & Mark T lowering kit.
The bolt holes where the two pieces of the floorboard join are oval, so as to allow some adjustment up or down and high or low, front or back. 9/16 bolts are supplied at this location but by substituting 1/2" bolts, more adjustment can be easily had. I needed more lowering so I milled the ovals into slots.
Hope this is of some help.