Yes, you have to drill out the the holes. it isn't much, mostly just the existing threads, but you aren't going to reverse it without a tap&die and custom bolts of some kind. I have no intention of going back to factory, I only use the front portion of the Sargent seat so that the cowl creates a nice little storage space for rain layers / spare visor / etc.
This was back in the olden street days I think I was riding a 550 Four that was all street ratted out.
I only raced a few times about 1990-1992or3 and always on DOT's , never had the cash for slicks, mounting and un mounting or dedicated race wheels. But your right my VFR was so predictable, I sport toured with the bike all of the 14 years I first owned it.