Also check out www.clubmanracing.com He offers an alloy shorter fender that was just the ticket for me (I had the exact same sentiment about the stock fender). Do go to his gallery pics to see what this might look like.
His mounts (extra $, naturally) fit over the fender, the only thing I didn't like about the set-up. I fiddled around and managed to make them work under the fender.... it's not completely seamless by any means, not by a long shot, but it's a nice alloy fender that doesn't smother the front wheel *and is not some heavy steel conglomeration that's been chromed or the like. A goodly alternative, in my (nozo) humble opinion.
Here's my lowly set-up. Not done, but you can see the fender: