I presume you don't like a fender eliminator that entirely removes the rear fender?Good point,
In fact, I am not totally happy with it but havent found any fender eliminator alternative that would please me to 100%.
If so, have you seen any of BAAK products, such as this: http://www.baakmotocyclettes.com/en/home/172-mini-mudguard-rear-fender-moto-guzzi-v7.html ?