WARNING: As mentioned in 2 posts below this may have a problem with the plate hitting the tire and damaging the license, etc. With my longer shocks I think I am safe but this may be a problem with stock shocks.
I went looking for an option to the license, light, reflector and that long line of stuff hanging directly off the end of the fender. In the process I discovered that the front bolt holes for the tail light line up exactly with the rear holes on the license bracket.

1. In order for the frame to fit up under in the fender I had to cut the ends off the license frame to 6 3/4" and folded the sides of the plate back to fit. I used both existing rubber bushings, the one from the tail light and the one on the bracket. I bought 1" bushings, longer bolts, and large washers.

I bought a Radiantz I3 3.8" LED license plate light and mounted it below the reflector. I tapped 1/4-20 holes for mounting the plate.

I have 12.5" shocks and it worked fine, plenty of clearance. Not sure if it works with stock shocks but I think it might.
I'm much happier with the look of this than the long hangy thing right off the end of the fender.