A while back I went ahead and hinged my plate and then used velcro to hold it up. I did this so I didn't have to move the key lock for the seat. I also didn't want to put a hole in the plate (just to simple for me). Like some of you said, the velcro stoped holding the plate up. Everytime I hit a bump, it would fall. So I went down to my local junk yard and picked me up a hinged, sringloaded licence plate holder off some old American car. The kind where you used to to pull down the plate to get to the gas cap. It only took about an hour till I found one small enough that I could use. The spring is plenty srong too. While pulled back, if you let it go and your finger is in the way, it will hurt. I used the same two bolts that were holding the bracket on the car, to hold it on the bike. Just punched two holes in whats left of my fender and attached the bracket. I did all this a couple of months ago, just getting to the pics now. My BLING BLING.
Plenty of room for the key when pulled down
As you can see, it doesn't take up much room.