It would have a negative effect on the collector status.
If you want to do that I would just get another hammer and cut it, and save the original.
I may effect whether it will fire. It will lighten the hammer fall. Never know until you try, but if it's a carry gun, put a lot of rounds downrange before you carry it.
It would seem to me if the purpose is to stop it from snagging on the draw, that may not help all that much. It has sharp shouldered adjustable sights. They will catch on clothing as much as the hammer, or so it seems to me.
Jim