since i've seen so many butchered home tapping jobs, i would at least take that part to a machine shop and have them do it. it'd still cost you, but at least it would be a high quality job and not prone to issues later on. it's a rather important piece.
otherwise i can't see why chopping the original shorter woldn't work.
To go one step further a turn buckle concept would give it infinate adjustment and would be worth an couple hundred to make it.
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