One thing you may consider is get a second rear fender to play with, just in case you ever want to go back to stock.
Once you have chopped it to your liking, there are tons of aftermarket or old style tail lights, turn signals and marker lights you can use to get the custom look that you like.
There was one that I saw once (in person, and unfortunatley did not have the camera with me) that they bobbed the fender, then instead of lowering the bike, they placed an oval tail light that almost matched the curve of the fender between the fender and tire. They had mounted the licence plate on top of the fender with a frenched in licence plate light, then had bubble like oval turn signals mounted flush on the sides of the fender so they were visible from all angles. It looked really sharp.
Soren