I've been on a steady program of:
1. Lose weight
2. Lower handlebars
3. Go faster
4. Have more fun
Each time I lower my bars I give myself several weeks to see if I'm comfortable before cutting the steerer tube. My last adjustment was 10mm and brought the bars all the way down. 3 weeks later, I continued to love the fit and cut the tube.
About 2 weeks after cutting the tube I began to notice some minor shoulder discomfort. I had recently changed my workout routine to include 75 pushups every other day instead of the 50 I had been doing. Not wanting to blame the bike for my shoulder pain I discontinued the pushups. 3 months later, I've got a bad case of tendonitis in both shoulders. I've been off the bike for 2 weeks now and my shoulder pain is lessening.
I've already contacted my, non local, LBS about a new fork $231 + shipping. The guy helping me brought up the one bit of good news "At least now you know your limits".
For me, no more cutting the tube until having ridden at least 1,000 miles in new position.