I just did a combination of the two a few minutes ago... This thread got me thinking that I never completed the one I was doing. I had bought a longer bolt for the bottom, and searched everywhere to find a plastic wedge like Matt's but to no avail, so I grabbed a strip of 40 x 20mm pine I had laying around and sawed it diagonally to form a wedge. I then tried to get the bottom stud out back then but could not budge it. Recently I bought a set of 1/4 drive sockets on special from Aldi (4mm to 12mm six point + 3/16 to 1/2 6 point) and the 4mm one is a perfect fit on the top of the stud and removed it in seconds.
So I have a half hillbilly upgrade, with a wooden wedge but the stock pedal
Has moved the bottom of pedal about 2/3 of the way from where it was to the level of the brake pedal. Feels a lot better - but havent told the missus so will see if she notices!!
If I like the feel after a while I will continue my search to find a plastic version and upgrade the hillbilly approach
I think they are referred to as brickies wedges.