I've got the same problem with another segmented metal watch strap ..... not attempted to shorten it yet, I'll attempt to push the pin out using a small vise or hammer, a small nut - hole behind pin, and some small hardened punch as a drift .... maybe an old small broken drill bit.
If all else fails I'm told link removal is only about £2 at a market watch stall locally .......
......Or watch pin removal tools are on Ebay for about £6 inc delivery.... if you plan to do a few.
Ben, July 2007