Jim,,this is something I've been contemplating myself.
I assume you've upgraded to a more modern dual circuit M/C?
The pedal pad is simply welded to the top of the brake arm so shortening it shouldn't compromise its strength,assuming it's welded back on properly.
I'd imagine the main thing to watch is that the pedal doesn't bottom out on the floor before its reached it's full range of travel.
I'd make very sure the pedal stroke is properly adjusted and that you're happy the system is fully bled before considering any modification.
