Coleman racing sells a piston reducer kit for the GM Metric caliper. They come in 1", 1.125", 1.25", and 1.5" sizes. I purchased a set to try in my FJ40 with typical RDB conversion. They are not very expensive and look to be well made. However, there are two issues I ran into with these kits if anyone else happens to want to try them:
The first is that there is no dust shield or bellows for the new piston. This means that any debis like dirt, mud, water, small rocks, sand, etc can contact the piston and o-ring seal. This seem like it may eventually cause a failure of the seal.
The second issue is that the piston reducer design spaces the new reduced piston further out from the bore meaning that a caliper loaded with the reducer kit and new pads will no longer fit over the mid 90's GM truck rotor used on the typical cruiser RBD conversion. One option would be to mill or sand down the thickness of the pads. Just using my eyes, it looks like you would need to remove no more than 20% of the thickness so this is doable and still safe. Another option would be to find a thinner vented 6 hole rotor.
All in all this seems like a good approach but the application for these particular reducer kits is for racing. Without the dust shields in place to protect the caliper pistons I am reluctant to use these on a street and trail vehicle which is subject to a lot of dirt, mud, and water.
Racing and Car Products - Coleman Racing - Caliper Piston Reducer, GM, Metric, 1 1/2 Piston