I still have my rear pegs and use them, but this is actually a very cool idea. Actually I use mine when riding longer trips, especially on the Highway as it moves the pressure point on my butt forward and gives some relief when I put my feet on the rear pegs. Also gives you a cool street racer feel.
That idea with the drawer pull is so cool, it could have been from me! I have seen several bikes with the pegs removed and there was always those ugly mounting holes remaining. Great idea!