Ok, I was thinking along the lines of what Terry said, so I did the following:
1. I bought a 5/16 x 1/4" chrome spacer to put between the Two Brothers mounting bracket and the bike frame. I tried a 1/2 and 3/8 first, but both were a bit too much. The more space I add behind the bracket, the more it contacts the rear fairing.
2. Trimmed back the rear fairing where the mounting bracket goes using a dremel. I trimmed about 1/2" off the rear fairing and it still has some contact, but I fear trimming too much.
3. I'm going to leave the bracket cap on and take it for a ride - I'll see if it gets too hot or would cause any issues.
I also had to trim the rear fairing on the left side a bit to clear the Givi Monorack bracket - easy to do since I had the dremel out already. I hope the rear fairing doesn't have a limit on the number of times I can "stretch" it around the bike, I took it off and put it back quite a few times.
I'm attaching a picture here of the final product, I'll add more pics to the presentation from the previous post:
Thanks,
~bls