RE: The Unofficial all things Jet drive thread
I use my metal lathe to cut the props down.
But, you can do it with a dremel type tool, or an electric drill. You will need to make up some sort of jig to allow you to rotate the prop at a fixed distance from a belt sander, orbital sander, disk sander, or a sanding drum on a dremel.
I cut down 55mm props, but you probably want to try the 35 size for your size jet, and work from there.