Sorry about the filthy underside of the bike. I'm waiting for the next decent and clear day to get out some warm wather and simple green to give her a good spray down.
I haven't had any issues with ground clearance since the 3-1 collector actually hangs lower than the stand. The legs that stick off to the sides actually tuck in closer than the footpegs too so I've never had a problem with them dragging, either.
97-04 Model S3 Motech Centerstand
05+ Model S3 Motech Centerstand
Both are $199.99 and should be an almost identical install.
The only issue I've ever had was that the chain can sometimes rub the lever that tucks up under the left footpeg if your tension is slack in the chain. This leaves a little scrape mark, on the tube, but not really a problem. Its actually a good way to guage when your chain is slack as it makes an annoying pinging noise when the chain rubs it.