It's possible, but I wouldn't recommend it. The easiest way to shorten it is to strip the outer sheath off starting from the machine end and cutting towards the torch. Cut it open as much as you want to shorten it. Cut out a section of the inner gas line in the opening you made, being sure not to cut any wires. Then use a hose splice and crimps to re-connect the two ends. There will be a extra wiring the white, red, blue and purple wires which used to be wrapped around the inner gas line, just coil them up.
It should work just fine but will look ugly as hell, and might void the warranty..
