It may not be the same for you, but I always found that I automatically adjusted to toe overlap. It was never a problem after harmlessly rubbing a foot a few times the first few times on the bike. After that it never seemed to happen again. I have not used fenders on most of my bikes, but usually have some toe overlap even without fenders.

Planet Bike Freddy Fenders were OK on the one bike where I did use fenders and they didn't have the mounting hardware sticking out in the back. I personally have mostly just stopped using fenders, but I'd buy the Freddys again if I were to want fenders.