Hi Nicholas,
Over the years I've found that many repro Steel Rammers made for 18th century through UnCivil War Period guns have soft soldered buttons or tips. The reason I know this is because when the tips came loose or off, I used low temp silver solder to join them permanently. It is possible the rod you have was made this way as well. I would clamp the rod in a vise, leaving maybe six inches of the forward part sticking out, and heating it with a propane torch to test it. As you heat it, use a pair of smooth jawed or padded pliers to grab it close to the button/tip and pull on it to see if it comes loose. If so and if there is a hole in the button/tip as there usually is, I would just cut the long rod piece off at the length I wanted AND MAKE SURE YOU ADD enough length to go into the hole in the tip/button. I would then hand file that additional length that goes into the tip to the required diameter to go into the button/tip. Then low temp silver solder the two pieces together. .
I have found attempting to just cut off a part of the rammer from the front and thread one end and drilling and tapping a hole in the other end, then turning them on an engine lathe to turn/drill/tap as necessary - to be pretty risky, even when running the lathe as slow as possible. You have to use a steady rest on the long part of the rod and you have to stuff rags around the rod where it comes out the back end of the hollow spindle at the rear of the headstock. It is by far much preferable if there is not much of the rammer that sticks out of the rear of the hollow spindle. Even a far better machinist than I am, could screw it up rather easily, if he/she is not used to doing this kind of work.
While a good welder can easily weld two cut pieces together, the problem is holding the rod and tip/button in alignment so the welder can do the job.
Actually if all you have to do is shorten the Rammer and the diameter of the rod is not a problem to go through the pipes or into the rammer hole in the stock, there is an easier way to do it. I would just cut off the end with the threads for the worm/ball screw. Then hand file that end to a diameter where you can tap it for a worm/ball screw.
Gus