Update:
I found a bobbed safety locally (I asked, they didn't have any boobed ones in available) and picked it up / just finished installing it in my Kimber. I agree that the edges aren't as smooth as the original safety, but they aren't necessarily sharp either.
I'd really like to see some pics of a safety modified the way that CCWInstructor mentioned above... I just don't see how it could be done in such a way that allows enough room for the laser diode.
Original safety pic:
Some guy's DIY Bobbed Safety / Lasergrips that I found on the CTC forums:
