David,

As you shorten a shaft it will play stiffer than the original length.  As for the torque I do not believe there will be any effect as this is the twisting of the shaft tip which has not been altered.  Taking off a 1/4 of an inch is not much and you should not notice much of a difference on flex even though it will play a smidge stiffer.  Keep in mind too as you shorten the shaft, the overall swingweight will be lighter.