I am thinking about just cutting it off my bow string
Just how where you going to cut it off?
What you need to do is get a good quality string and cable( get one from gibblet ) and have a shop install them as you need a press.
Then go shoot the bow about 100 times to shoot the string in then have the shop check to make sure the bow is in spec if itsnot in specget them to make any adjustmentsthen have them install the peep.