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The ferrule has two sides, one with the lock and the other with the insert. On my Epic wing the insert was really easy to remove with a bit of heat (I used a heat gun, hot water would work too, perhaps). So you could remove the insert, chop off a few inches of the shaft, then reglue it back in (I used 3M marine adhesive and it so far it has been holding very well).
Before you cut anything, measure if the shaft remains round a few inches beyond where the insert ends. If it does not, you would weaken the paddle as less of the insert will be in contact with the round section of the shaft.
If you can do what I describe above, it is a really easy thing to do. Sometimes the insert is glued with epoxy, in which case you will be out of luck as it won't come out without damaging the shaft and the insert. But if it is glued (as it most likely is) with some sort of lesser glue that liquified with heat well below the temp that would damage the composite, you should be OK with careful application of heat as to not create hot spots beyond what is safe for theaddle.