Shortening the pegs (as you call them) will shorten the stroke and lower the hieght of the movable anvil. If you can live with the shortened stroke but need the anvil to reach it's top limit then you will have to lengthen flat bar links. Other than that the only option is to lengthen the handle. You may find it necessary to lengthen it even after modifing the pegs and links. Good luck.

Jay