Michael – I did the same as your plan !!! tapped out the correct size and LOCTITED the pegs in place.
HOWEVER, my plan is to drill and tap the footrest mounting threads into the end, and then put a 6mm cap head in from the back with a heavy duty stainless washer.
I am happy that is a good solution.
If you have facilities, a nice stepped alloy spacer would be good !
