RayG,
As for the paint, it only messed up the drop out section. On the '09 and later the very rear of the swingarm is a cast section that is welded to the swingarm (at least that is what it looks like to me). I just taped off the main portion of the swingarm and painted the cast section. This may not be the answer if you don't have bags, but with bags you can't tell AT ALL!! As a matter a fact, my wife came out when my swingarm was sitting on my bench after I painted it, and asked if the whole thing got painted.
As for the Drag belt I took off, hell I have no idea how long it will last somebody. Some people have been running them with no problem. It will make a good backup for somebody. I looked pretty close when I took it off, because I was curious if I would see anything. To the naked eye, I didn't see anything.
Is your bike an '08? I am not even sure if modifying the swingarm on your year will work, totally different swingarm. I just know that I feel much better now that I have the OEM belt back on my bike.
Now don't laugh, my gusset is much bulkier than Steve's, but I wanted to have a lot of support, all the way up to supporting the shock mount.