I don't understand this paranoia about leaving them out and then damage when you dump the bike. I leave mine out when I use them and then replace them immediately to the storage position. Mine aren't going to damage my bike. Of course the morale of all of this is - don't dump your bike.
I drilled 3/16 holes in the bottom of my Rivco pegs and put roll pins in them. The roll pins allow me to deploy the pegs by catching the pins with my boot sole so I can open and close them while riding.