I'm a short arse at around 5'9. Reach to the bars and their height is fine for me. Peg position could be better but then the bike is based around a ZX-14. I would not consider peg lowering as I can drag the pegs on occasion.
I have an aftermarket screen which is a little wider and a little taller. I tend to only raise it in bad weather (although I have also raised it in very hot weather to keep the hot air off a bit).
I have the standard seat although I fit a sheepskin seat cover on longer rides - it's debatable whether the 'skin makes much difference. I have spent 22 hours (with the odd break) in foul weather on it in one hit - yes, you get a sore butt (and one of knees feels it) but you would sitting on your couch for that long...
'08 Vee: Suzy luggage, Crash bars, Rad Guard & front mudguard extension, Zumo 550, Oxford Hot grips, Stebel, PC-8, 12v acc, Scott oiler & lube-tube, Remus Revolution Cans, Bark Busters, Phillips Extreme vision +100 bulbs.
'08 Concours 14: Rad guard, Stebel, Oxford Hot grips, Projekt D Screen, Hugger, GPS mount, helmet locks & front guard extension, Zumo 550, Stebel, Phil's rack & Givi V46, Sheepskin seat cover, Phillips Extreme vision +100 bulbs.