Yes, that will work. The shaft is not as hard as most people think, and is "hack sawable". I sometimes use a dremel with a cut off wheel, and go slowly. On some of the engines I do, I need to cut the shaft off in the back and if I cut it with a hacksaw it leaves a good bit sticking out to grind off so it is below the level of the crankcase to airplane mounting area.

Good luck,
AV8TOR