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Reader Scott sent along some photos of his very clean rear fender bob on his VFR700 F2. The 2d-gen's fender is a separate extension piece which bolts to the main fender structure, while the later bikes were a single unit. This allows a complete removal of the extension and bolting on an aftermarket metal license bracket. Another approach is to shorten the existing fender, eliminating the bottom reflector and even the bulky license plate light, if desired. This is the route Scott took and he did a smooth job of it.
Remember, most, if not all, states require a rear reflector and license plate light, so proceed accordingly.
Scott solved the lighting question by wiring in LED lighted license bolts. You can also source a stick-on LED light and mount it to the bottom of the tail light. He traced out the side curve using an 18-inch wheel rim, then ground the shape with a bench grinder stone. The side of the stone produced a straight lower edge. He then finished up with sandpaper to smooth and round the edges. Comparing Scott's to the OEM fender in the photos below, you can quickly see how the modification visually lightens the rear of the bike and yet retains the original style line.