Yeah, unless you have the dough to do forward controls, you may as well consider the pegs fixed. If that's the case, you can always repad the seat to move your ass in relation to the pegs. Then loosen and rotate the handlebars or, if needed, get new handlebars. Given that most people want to change their seat anyway, this is a more economic fix than changing where your legs are via the pegs.
I had the same experience tinkering with the vulcan. It's a *great* bike, but needs some tuning help and some ergo help to realize it's full potential. Off the top of my head these few not very costly mods make the bike a scrappier all-day cruiser:
Pick-up coil Mod
Cleaning the Ignition Switch
ACCTs to MCCTs (Kanuck method)
I've done other mods, but these alone can transform the bike.
For touring I added two samsonite hard aluminum suitcases via bolts onto the rail.
Other than that, it's just been performance tinkering.
I'm doing the semi-conductor regulator thing next, to support my new LED console/brakelights and 55w driving lights.
MF Battery, Iridium Plugs, RR relocated, Voltmeter, 170/80/15 Kenda Kruz rear tire, DIY Samsonite hard bags, DIY shaved seat with Beaded seat pad ('cause that's how I roll) and the dreaded STATOR CHANGE.
Shining Black Bess '86 VN750, retired for parts after a fried stator and being knocked (kee-runch) in her parking spot.