I would leave the 'ear' alone, you never know if/when someday you might want to put the pegs back on or find another/better use for them. Cutting them would be like burning your bridges behind you.
Besides getting another bolt is just too easy not to.

 

At least you can stand on the rear pegs to do wheelie.

 

I'll leave the wheelies to the kids on crotch rockets, besides its fun watching them crash. Its not so much fun crashing your prized $20,000+ Hog.

I was once young and dumb doing wheelies. Here's a pic of me being dumb on my first bike.
A Honda CB175 back around 1972, before color photography was invented I think.

 

hey nice picture

 

Odd thing is that I still have the ignition key and plate from that bike hanging on the wall in my basement work shop.

 

Nice helmet, Frank.

 

Looks like a stupid football helmet in that pic doesn't it? But it really was an honest to God top of the line (at the time) Bell helmet. Red metalflake paint with a white stripe down the middle. What looks like a mouth guard is actually just the reflection off the bottom edge of one of those flat wrap around snap on face shields.

 

Next time you are out on a few hundred mile trip try putting your feet back on the rear pegs. It seems to put you in a crotch rocket riding position but works well to stretch out the legs a little. I thought this was bogus until I tried it. A bit odd riding with 12.5 apes and your feet behind the seat but it works pretty cool.

 

I also have the problem of the left footpeg sliding down after a while. I can't take it off as long as my wife likes riding with me. I tried bending the metal clip that is supposed to keep it from moving but it still slides down. Any ideas on how to tighten it up?

 

My brother had a blue SL175...upswept pipes.

I rode that bike everywhere from 16 to the next summer, when I could get a car. HAHA!