$.02 is to totally remove the handlebar bag and utilize an old style triangular mtn bar bag that can sit on top of the stem for frequently used items. If you look at how far the handlebar bag is from the steerer tube it's similar to putting the panniers far forward. Between the shocks and the cantilevered handlebar bag I could see things getting wobbly.

http://www.jandd.com/detail.asp?PRODUCT_ID=FMBHP