George, first of all, for what reason do you intermittent plates need to be so big? I assume you are not talking about the top plates, which tie the bents together. Are you using this plate to support your floor joists assembly? Or are the ties supporting your floor?

Otherwise I would tend not to worry about the wall plates weakening the timber so much. Yes it is a vastly weakened point on the timber, but if your timbers are suitably large enough that should be no trouble. And remember, our timbers are often sized to accommodate the joinery, and as such are typically quite larger than is needed for most of the timber's length. So just size your timber so that this joint will work for you.

Also, I am not convinced that pegging the wall tie is even necessary at all. it should never be under tension anyhow, if you have a solid top plate just a bit above it anyway. So I wouldn't worry about not having a whole lot of room to peg, I highly doubt tearout will be an issue here.

As always, take what I say with a grain of salt. I don't know exactly what your frame looks like, so I am doing an aweful lot of assuming here.

Hope this helps some
DLB