I've done this by making the cut about 1/2" from the top of the can. A hacksaw blade taped to a small piece of wood allows one to cut and slowly spin the can while sawing so that the cut is all the way around. It makes for a pretty square cut. I think I used heat-shrink the last time I did that as well.
Barry - N4BUQ
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I have done this on a lot of multi-cap cans in old monitors.
The multi cans bulge at the bottom, so I cant use a pipe cutter reliably.
Have to use a hacksaw...with very fine teeth.
Clean up with a half-round file and then fine sand paper glued to a glass pane
(for flatness).
To reassemble the cans, I have used aluminum tape in the past.
But I'm going to try clear heat shrink tubing on the next one I do.
I think that might look nicer.