The conservative wisdom is to never drill, weld, or even scratch the paint on your ROPS. It is probably wise advice.
That being said, look at factory ROPS. See any welding? I do on mine...
Should you be able to shorten your ROPS like you want to and end up with something as servicable as what you started with, IF THE WELDING DONE IS A STRONG AS THE FACTORY WELD? Why not? It was welded to begin with.
There was a recent thread about a tractor back flip where a young boy was killed. The rops on that tractor had been cut off, but a welder was hired to weld up a replacement, and it was welded to the original base mounts which were still on the tractor. The weld did not fail, nor did the fabricated ROPS. What failed was the mounting point, because some of the original hardware was missing.
Now it could be argued, and we have no way to know the real answer, that if the original hardware that was missing had been there, then the fabricated ROPS might have failed and the boy may have been killed anyway.
But when you stand back and look at your ROPS, if it is the type where there is a weld anyway, and if you cut it at that weld, take a section out, and weld it back together, and if you are lucky enough to employ a welder that is as skilled as the factory welder at producing a strong weld, then my bet is that you should be OK.
There are a lot of IFs in the above paragraphs. IF (whoops, there's another one!) you are willing to bet your life on your welder's skill, why not do it?
The liability issue if you sell the tractor is a separate issue...
Myself, I would not cut a ROPS in the middle and expect it to be as strong as it was in the beginning when welded back together (even though in theory, it might be stronger). But if it was put together in a way that enabled me just to cut it at a weld, and then weld it back together at the same point, I would be willing to do that.
For me the most important consideration would be the original design. Second would be my choice of weldor...