Yikes! That really does need a trim!
I have never done it to a bag, only a wallet, but it's crossed my mind for similar reasons, I don't always want every zipper pull to feature a tassel, most are not removable, but a Michael Kors was on a bag I bought last year. As to the poor wallet I altered, it was a Harley Davidson (not cheap) that came with a chain that wasn't needed, I can remember cringing heavily during the operation but it was long before I got into bags, I now know there were much better options available to me, so live/learn.