IRT the topic of freaking out because of the pegs scraping...
IMHO, one must really know how far they can lean their bike. The quickest indicator of this on a stock bike is the peg nutz.
If you've never dragged a peg, when you do finally do so, you will find yourself freak out about it.
No offense at all to the OP, and kudos to you for sharing what almost turned into a disaster for you- this helps to open the eyes of other riders to the topic.
Parking lot. Ride circles. Tighter and tighter. Once you tough peg the first time, like I said, you will likely freak out a bit. But in the parking lot, you can straighten up and be fine- and not at risk for creaming yourself into the side of a cliff wall, like almost happened to our brave OP.
You don't have to be going fast. I can drag a peg on this bike at about 15 mph.
But I would say this- if you don't feel comfortable "working the box" or u-turns or "throttle pick up" and other lean/turn work, don't worry about your pegs until you are more confident in your overall ability to control/recover the bike if you get unstable.
It is possible, especially in a right turn, to drag more than the peg. Harder parts have less flex than the fold-up pegs, and if you rub those harder parts too much, they *will* help you learn how to pick your bike up off the ground.