I would not risk cutting the stock shocks. There is even a recall for them going on now due to them breaking at the bottom welds. Cutting them would only worsen them I would think. Besides, the shock stocks and front springs really suck anyway.
If you want to lower the bike get some of the Progressive shocks. Lots of the folks here have gone that route and been very happy with the results.
If $$ is the issue, there are brackets you can use that move the shocks back/forth and lower the bike as well. But this changes the way the bike tracks and there are conflicting reports as to the sucess of this method.
