I'm doing this all because I'm putting in a body lift actually. As for cutting it, I have seen that where someone notches it and the welds in an arc above the driveshaft. Maybe I'll look into it more. Biggest annoyance with that is obviously that you have to slide it down the front driveshaft whenever you want to take it off, although I can't say there are many times where I've taken off the skid plate in general so maybe not as annoying as it might initially seem. Thanks for the info about the UCF skid though, when I read your first post it sounded perfect since there's so much room, now I know there's not as much as I was thinking.
If you don’t have time/funds to do the tuck you ultimately plan, don’t get a new skid now, notch the stock one. I did that way back when for front driveshaft contact. It was an effective solution: