I cut the loop myself but I dont recommend it. Now I have to find something to cover the holes and then get the whole thing chromed, too much hassle and expense, easier to just buy the ready made brackets. Check them out at www.bruisersinc.com I have to check Kuryakyn because I saw another bracket at the Hearts to Heroes ride last week and didnt get to talk to the owner, so I checked JP and now I need to check Kuyrkyn and the others. This guy had a flat chrome piece that looked really good. Someone else on here used the Autogem lights and the brackets that come with them. That way you can get some more light back there too. The lights are a little different color though, they dont match whats already there. Let me know how it goes and for gods sake, take pictures!
To fill the holes, a buddy of mine glued some head bolts inside the tube and then attached headbolt covers onto the exposed head of the headbolt. Looks pretty slick, and there are a ton of head bolt covers out there, so you should be able to find something you'd like.
I do have a question about doing this, I want to do it, but this question keeps haunting me. Is the hoop necessary for more than just bolting the plate bracket to? Does it add stiffness to the rear of the frame by joining the two side together? Is frame rigidity reduced by removing this ugly, but possibly necessary piece?