I wanted a pair of highway pegs that would fold completely out of the way during off-roading.

First, the pegs themselves. Oury Mountain Bike grips on a section of 7/8" bicycle seat post, with a hinge.

The locking button, made from a piece of steel wire and a brass button soldered on. Button was turned on my lathe.

Spring-loaded locking button installed on peg, just like a tent pole.

The peg installed in the bracket. Note the two holes in the bracket, allowing a stowed position (shown here), and a deployed position.