Done!
Desmo Steve and I got the Race Tech rebuilt OEM rear shock installed Friday. The procedure is basically: (1) disassemble motorcycle, (2) reassemble motorcycle using new shock. Well, not quite that bad, but it somehow managed to take the two of us a whole afternoon to do it. (We did expend some cigar smoking and thinking time...)
After you remove both saddlebags, both of the rear side body pieces have to come off, as well as the right side "step mount" (it's called something like that - it's the cast subframe that holds the rear passenger peg and some other stuff.) You don't have to remove the preload adjusting knob, unless you need to use it on the new shock - the knob will pass through the maze to come out with the shock. If you do remove it, I'd suggest doing it inside of a small plastic bag. This will catch the ball that provides the detent, which will fly off when the knob finally gives way and comes off. (Fortunately, mine bounced off the ceiling and stuck to the top of the bike frame. Sometimes you get lucky.) If you have the dual PowerLet outlets mounted to the preload adjuster mount, take the mount off at the top for easier access to the two bolts that hold the preload adjuster. Pay attention to the routing of the preload adjuster hose, so you can route the new one back the same way. The rear master cylinder reservoir needs to come loose, and the battery and the removeable part (front) of the battery box need to come off. Access to the top shock mounting nut required tipping the fuel tank up (it was full, of course, so we had to find the siphon...) You'll need to drop the rear wheel lower than it will go with the bike on the centerstand (our HF lift has a removeable plate under the rear tire,) and pry on the non-removeable part of the battery box to pull the shock out of the bike. The new shock went in easier than the old one came out. We duct taped the upper mounting nut to the box end wrench for re-installation, so as not to lose it in the bowels of the bike. Be sure that the rebound adjustment screw on the bottom of the shock faces out, so you can access it through the hole in the "step frame." Put back all the stuff you removed, and you're good to go.
It's not as easy as the old days, when we had a shock outboard of everything on each side of the bike, but it's not that bad of a job. We could do another one a lot more quickly. (I'm available if anyone wants an extra, somewhat clumsy, hand with theirs.)
I figure I'm good on suspension for another 50K now. The new and improved ST1500 should be available by the time I rack up the miles...