I had the same issue.  When I bought my K7 it was set up for 2 up touring.  13" shocks that were sprung for King Kong, and a mountain of a seat.  Now, I'm 5'6" and I have an inseam of 30" if I stretch.  I had to tip toe the bike.  Not safe at all.
So, I did some research and hit up Hondaman for some tips on how to make this monster motorcycle more my size.  
First step, get a good seat.  If you have one of those Corbin King/Queen sofas on there now, think about getting rid of it.  I found a stock seat that made all the difference.  Next,  I got a set of Hagon shocks that are a little over 12", and spring for my 150lb self.  That is the key, get them sprung for your riding plan.  I'm all solo all the time so I didn't need a heavy spring.  That was key to getting a good ride.  
Here are a couple of pics.  I know in the first one, the bike is on the center stand, but you can still see the difference.

