I've been agonizing over this very decision for a couple weeks. I was on the verge of springing big bucks for really good dual shocks and a stiffer swingarm.
Then I ran across Ducati 750/800/900/1000ss swingarms with their cantilever monoshock design. I'm considering modifying this swingarm by cutting off the pivot tube, shortening the front of the swingarm, and welding it back on with some additional bracing. I don't want a longer swingarm than stock because I like the responsiveness of the stock wheelbase. This way, I'd have a strong piece that will accept modern fat rubber, and has proven geometry that you can get a shock for.
I made a geometric model to determine the difference in the forces on the shock with the shortened swingarm, and in this case they are virtually the same as with the stock length if you shorten the front instead of the rear of the swingam because you are reducing the arm length from the pivot to the wheel, and from the pivot to to the shock.
Ohlins shocks for the Ducati ss models are quite cheaper than their twin shocks, too!
One problem - where do I put the oil tank? I think a stock oil tank would work if I don't modify the rear up tubes, but I want to keep my bike see-through, and that seat cowl will be removeable with a passenger seat underneath.
Sherm
Here's a drawing of my idea. CLICK TO MAKE BIGGER.