I actually did the exact thing your thinking of. That peiece of plastic molding just rips off, attached by some weak pop clips. Mine is sitting somewhere in the middle of the woods at the moment. Been there for about a year now.
I had that same idea, this is what i came up with
2 peiece of angle iron steel per side bolted to the pinch seam. I painted them silver, there is about 8-10 bolts or so per side i beleive if memory serves correctly.
Nobody felt they would hold up, they have, they've saved me from quite a bit of damage and have held up quick nicely. They slide very nicely over old stumps, rocks and helped me slide over a tree that without them i would've never made it over. For the $75 it cost me to buy all the supplies for them it was money well spent.
If you'd be interested i can get you some better pics so you can have an idea of what is actually going on.