Hi R0za,
It's really a matter of preference as to the look you want for your dracaena. If you do decide to cut it, you will probably get two new growths from the top of the section that is left in the pot. You can root the cut portion and start that as a new plant. Here's how to do air layering.
http://www.gardens.co.nz/Articles.cfm?NLID=124
http://aggie-horticulture.tamu.edu/e.../airlayer.html
You can even cut the cane into several sections and root those. Look here for 'cane cutting'.
http://www.ces.ncsu.edu/hil/hil-8700.html
This one shows several techniques.
http://muextension.missouri.edu/xplo...ort/g06560.htm
Hope you can come to a compromise.
Newt