Just finished the conversion. Took about an hour and now I only need to take out four bolts to remove the saddlebags instead of fourteen. In order to make this switch, you'll need the following tools in addition to the ones you normally need to remove the bags: 25/64" drill bit, 15/32" drill bit, 5/8" or 11/16" drill bit. Here's the process:
1. Remove the saddlebags as you would normally do. Remove the frames from the bike.
2. With the frames off the bike, reinstall the bags onto the frames. You don't need to replace all five screws - two or three will suffice.
3. Using the bolt holes on the frame as a guide, drill through the frame into the bag. Go slowly and use very little pressure. The inside of the bag has a plastic liner that will crack if you go too fast or use too much pressure (found out the hard way.)
4. Remove the bag from the frame.
5. Enlarge the holes you just drilled using the 5/8" or 11/16" drill. If you have a drill stand, use it and back-up the holes with a piece of wood. This will help avoid cracking the plastic.
6. Reinstall the bags as normal, except now the two large bolts will pass through the back of the saddle bag, so you won't have to remove it from the frame.
7. Cut a piece of inner tube or neoprene large enough to cover both holes, place some velcro around the perimeter and install inside the saddle bag covering the holes you just drilled.
This is a pretty easy project and should make it much simpler to remove the saddle bags in the future.