Should I cut the overhang on the Ethernet Shield V1.0 from Seed Studio?

I figured out that the Arduino Leonardo (and presumably the Uno and the preceding line of Arduinos using that formfactor) will fit into a 1 gang blue shallow electrical box quite nicely. I carved out space for the USB connector and power connector, and it looks almost professional!

But the Ethernet shield from Seed Studio that I got from Radio shack for $9.95 (love Radio Shack clearance!) doesn't fit because of the overhang. I'm talking about this one:

I'm wondering if it would be a good idea to cut off some of the overhang to make it fit the box. It looks like I'd have to remove material from the side of the board with the digital pins, AREF, GND, and TX and RX. The other side has a trace on the top side of the board going to one of those silver circular things. Looks like it's 5V too, so i think that's required.

The next question, is it if's not a BAD&NBSPIDEA, how should I do it? a really sharp hobby knife and score it repeatedly until it falls off?

I have no idea what I'm going to do with this, specifically, yet. Eventually I'd like to make a control system of some sorts. Maybe control some lights or have some Ethernet sensors or something.

I'm lucky to have a bench grinder. I use one stone for knives, and the other stone for everything, also to make prototype boards smaller and fit in a box.
But in this case, it is a bad idea. You might accidently remove copper traces. If you want something to fit in that case, you better buy something that will fit.