| Jasper, that clearance is normal- and as far as I'm aware there isn't a heat shield available for the spags.
The solution on some works bikes was to run an airtube from underneath the battery and route it onto the exhaust and shock, not sure how effective this was though.
You could always weld a couple of bosses onto the exhaust and fit up an SP type carbon heat shield ??
cheers
Neil | 
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