Well I have wondered the same thing. The main problem I see is relocating the battery and a few other things. I think a round (barrel) oil tank looks sweet!
I have seen a sporty with an aftermarket oil tank, it was a box mounted on the left side.. the battery had a dressed up perch and top clamp where the nightster oil tank would be.. it looks sweet. I also like the round barrel type as well.
I just wondered if the oil tank on a nightster had more to it? Or if it was simply a resovoir