I'm actually in the process of doing this but on my XVS 650 custom. I'm a total newbie to the mechanical / custom side of things so hopefully it might help.
I'd imagine the process is fairly similar.
Although I know they vary slightly between the custom and classic, so there could be variations on the XV950r.
First of all my floorboards (from fleabay came with a heel gear change too).
Removing the pegs is pretty straight-forward, couple of bolts at the front end and I'd make sure you have a spare split-pin or two, just in case which is underneath. Putting the boards on is more or less the reverse and swapping over the brake rod and the gear rod.
I experienced one unforeseen issue, I was using classic floorboards on my custom. The ride side (footbrake) fits fine but the left side with the gears doesn't work. On the classic the side stand is mounted further to the rear, so fits smoothly. On the custom the side stand is further forward so clashes with the heel change and prevents you from changing gear. This means either you have to get the drill out and move the side stand back to match the classic (which concerned me - structural integrity and a whole load of work).
So, after a bit of research, I found you can buy these extensions: http://www.ebay.co.uk/itm/Yamaha-V-Star-650-4-Forward-Control-Extensions-Custom-/251288871917?pt=Motorcycles_Parts_Accessories&hash=item3a81fbe3ed which brings the boards further forward and in theory clears the side stand... obviously it includes extender rods, bolts and the actually extender plates.
I'll let you know when they arrive.
To be continued...