As long as the butt end of the club isn't interfering with your swing, you should be fine choking down on the club.
Another option for shortening clubs (for the more adventurous) which I have done when I didn't want to take my grips off for whatever reason, is to pull all the shafts and rotate them. Put the wedge shaft into the 9 iron, 9 iron shaft into the 8 and so on. Then you take the last shaft from the longest club, and put that in your shortest club and then you just have to remove that grip and cut that last shaft down to the proper length. This method costs you some epoxy, one grip and some ferrules (unless you can salvage these during the shaft removal).