I like that set up. My lower rear panels have been damaged on rocks, so plan to cut them shorter.
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Yeh not worried about the eye bolts, more the style of the bar. As for protection what are comparing it to? Factory panels with some checker plate riveted on or an exo frame tied to the chassis rail.
Either way that style will give more clearance when stepping of rocks/ledges, traversing gully’s etc. I got sick of replacing the factory rear indicators on mine (D2) that I just run the inner of the factory rear bar with $12 sacrificial trailer indicators screwed on. I’m sure protection will be just fine with that setup.