Customizing your rudder is one of the easiest mods. As Bob says, you can simply cut the bottom tip off with a hack saw if you want it shorter -- All the rudders shown in the pic below work essentially as well as the uncut sailing rudder (except the one on the far left which still has about twice the authority as the small rudder).

These have been modified to retain rudder authority while minimizing drag, not with the intent of making them shallower.
Left rudder good for all functions but a little small for sailing
Second rudder good combination of sensitivity, authority and efficiency. Works well with any boat up to Island size (early models)
Third rudder -- best combination of all the above, this is my "racing rudder". Excellent performance with boat wakes and usable with older AIs
Fourth rudder has winglet -- has greatest authority in all cases with all boats
Fifth rudder old style sailing rudder (not fully "balanced") with standard rudder overlay for comparison (about 1/2 the area, 1/3 the authority).
Here are a few things about rudders you might like to know:
1. The sailing rudder is no deeper in the water than standard fins; obviously shallower than Turbos. So there is no need to cut it down as long as you are taking full strokes with your fins
2. Even when locked down, Hobie rudders are designed to kick up rather than break when they get grounded.
3. Different parts of the rudder are best at different things -- things you would keep in mind when modding.
-- the lower part (below keel level) is important because it is in relatively clear slipstream -- this area gives you the most sensitivity to small corrections. It also keeps the rudder engaged best in rough water.
-- Width of the rudder gives you more authority, especially at small speeds.
So carve away on the large rudder without concern that you'll ruin anything and customize to your heart's content! (Best not to cut the small rudder though, as it is too small IMO for any trimming.) Or just leave the large rudder as it comes without concerning yourself about depth. Regardless, the large rudder upgrade gives you the best handling upgrade for the buck by far!
