That's what my parents do with their HUGE zebra grass clump. It was planted (transplanted actually) in the early 80's and was part of the original farm that is centuries old. Every spring my father tries to thin it down a bit by offering everybody clumps from the side of it, but it just keeps getting bigger and bigger. They no longer try to cut it back in the spring, he just whips out the trusty chain saw and with a few well placed swipes the trimming is done!

By the way, I tried not cutting back one of my clumps (too lazy I guess) a few years ago and I wasn't happy with it. Now I see it more as a start of spring:

Winter sow annuals
Plant tomato / pepper seeds
Cut back zebra grasses
Prune the roses...

Ah! Spring is right around the corner!