Certainly can be done, and, particularly on a light weight bow, you probably won't affect its strength/structural integrity much.
That being said, it's probably not necessary. True, bows cut to or past center will accepter a broader range of spines, but I find bows cut proud of center to be easier to tune. Unless you're looking to shoot several different spines out of the bow, it's easier to just find the correct spined arrow for it.
If the bow is high value, you might want to reconsider. Modifying the original specs will reduce it's value, particularly if you don't do a good job in the wood removal or refinishing. If not, and you like to tinker, have at it.