Actually, I am going to seal up the frayed part which is about 3 inches in from the end. There still quite a few strands of the copper wire that are connected and the central core of strands are in place. Once sealed, I will attach it in such a way that it will not drag anywhere near the tailwheel. This way I believe I can solve my problem without cutting the wire.

I do appreciate everyone's comments and advice. Thanks to everyone.