I personally wouldn't bother try to shorten the hose with new quick fitting as the hose already burst so another one would be imminent.
Let me add to this - For the more difficult hoses (like the two that run under the floorboard to/from the pump) I replace all of the ones in the vicinity if I replace one. I figure if one went, and it took me an hour+ to get to it, I'd rather replace the others at the same time than go in again a few months down the road. It gives me a good opportunity to clean and maintain everything all at once (like the fuel filter hidden under the floor...).