I wouldn't be the first to do it. Look around a bit ;-) a large portion of the hotrod mopeds have pegs versus pedals. I really didn't want to argue the point, but here we go.
I have no intention of pedaling this bike. If I wanted to pedal, I'd break out my bicycles. ... And I do. Regularly. I do roughly 17mph on two wheels and pedals.
I bought the moped, specifically to have a small, light, low power motorcycle. I have bikes that will do 130mph. ;-)
For the winter, I'll be using the bike to have a silly time in the snow. Come spring, I'll be buying sticky tires and use it in parking lots to improve my riding technique.
To that end, pedals are a problem. Motorcycles don't have moving footpegs. Moving footpegs makes for a difficult time getting proper form. Moving from a left to a right hand turn requires a quick move across the bike, doing so, and managing to move the pedals properly won't be an easy transition.
As it stands I have enough trouble with pedal strike on my road bikes. I am happy to eliminate that annoyance.