take a look at this post on caferacer for what can be done with a saw, drill press, and a set of both through rearsets (in this case tarozzi).
these are actually how dunstall rearsets are constructed also, with u-bolts holding the plate to the frame rubes that connect to make the passenger peg mounts.
The fzr600 rearsets used to be a good alternative to the expensive generic foot pegs, but you don't see as many sets come up on ebay as there used to be and while they used to be $15 per set, they seem to be $15 per side.