Don't hack it off. The "tap and file" option won't take any more time, you'll have less bare metal to protect from the elements, and if at some future date you decide to sell the bike, it'll hold its value better. Besides, it won't look "butchered".

SP
Bend, OR
(in case you hadn't guessed, I'm a fan of keeping bikes as original as reasonably possible. And I don't blame you for replacing the Simplex with a Suntour. Those old plastic jobs were poor on a good day.)