Dave Ett is the man for cheap (nasty?) alternatives to rearsets, all you need is a bit of steel (preferably rusty) to move the bottom rear set hole back 3/4" or so and thus the peg up quite a bit, there's only point in doing one side as on the other side the pipe grounds out first. Dave will tell you which side, I believe the right hand side benefits from a slight lift.

TBF just buy some rearsets.
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