I just got that same rack. Looked all over at different racks, first one I went with and couldn't be happier. Besides really liking the look of the polished aluminum, squared form, size and flushness it seemed like probably the strongest available due to the solid quality material.
I cheaped out on bags though and just went with the Motogear. No elaborate mounting gear, good size, hang in place good, not so low or deep they get into the springs and at $50 for the set can't really beat that as a good place to start. They seem pretty damn well made and look good too.
http://www.amazon.com/Classic-Acces...8581031&sr=8-1&keywords=motorcycle+saddlebags
I do have to do a rear directional conversion to get them on there, like you did, but I don't really see a way around that if you want any kind of decent size saddlebags. The ones that fit in front of the lights just look too small to me.
Don, did you use the saddlemen's bracket or your conversion? Your setup looks much more narrow than the SM's. Made your own bracket? Plate holder looks different too.