There are plenty of solutions to this problem, this is what I have done.
After all the time effort and tools required I recommend you give GMC a call and purchase a set.
Geoff makes some really nice ones and sells them for a good price.
But if you want to have a go yourself good luck.
The foot pegs on some classic dirt bikes are no more than a pipe with 3 deposits of weld while others are small in surface area. The ones I am improving are 30mm wide x 67mm long. Modern pegs are 50mm wide x 80mm long.
This helps spread the load from your body through your foot when jumping. Also the larger surface area gives better grip in wet conditions.
I am using 304 stainless steel because it is easier to photograph.
Most foot pegs are made from 3mm thick mild steel.
Ji