So I’d like to, just to make it easier to install / remove.

Can I cut it with a hacksaw and smooth the edges or will it end in tears?

that’s exactly what I do. No issues at all

it’ll be fine IMO/E – I’ve done plenty (junior hacksaw to remove minimal metal – dunno if that’s important)

If it is for a cartridge (as opposed to loose or caged ball bearing) headset then a big ‘yep’.

Or use a dremel cutting disc for extra power-tool usage man-points. 😀

yep, did this on my cross bike, two winters ago and i’m still alive.

good point about cartridge bearings only though julianw !