There was some discussion on the XRLUG Yahoo Group about this a while ago. I also considered it, but ended up deciding that the current setup isn't so bad. It's not very vulnerable and most of your loom, fuses etc are together in a nice waterproof box.
I was going to chop out the foam from under the back of the seat to move mine and fit a small sealed battery and a fuse box. In the end it was a lot of hassle for possibly a kilo of weight saving. The wheel can already thump the underside of the fender on full compression anyway - didn't smash my electrics on a particularly "gnarly" jump, dude.
You're much better to remove the stock headlight unit for a kilo of high weight reduction. Or have you already done that? There's an article on DirtRodders about putting the XRL on a diet; I assume you've read that?
I would be circumspect about chopping the airbox too much - to have a bike breathing around a battery, when the side panel and the seat lower is the only dirt seal anyway seems to be asking for trouble....
How is the Pig in enduros then? I can't wait to race mine, assuming it makes it back from Africa and the Middle East....
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