I did this before the beginning of the season and am happy with the change.
The difference was noticeable, but not earth shattering. From my experience there isn't a downside effect so it seems like a good way to go.
I used a Dremmel (sp?) tool with a cutting wheel designed to cut plastic. The process took about 30 minutes.
When I researched this mod on the the different forums there was some good discussion regarding where to begin cutting (at the spindle, in front of the spindle...).
I began the cut 1" behind the spindle. You may feel a more dramatic difference if you cut further up the ski.