Yes, I've had this done many times. I usually have a cable builder do the job for me. But if your handy and have a solder iron, DIY.
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Ifthe cables are expensive, i would go with using adapters, or sell the wire and buy what you need.
Cutting up expensive cables is not a good idea.
If they are only average wires, then yeah, no problem changing them.
Also, depends on the wire weave in the cable. Usually a balanced cable has two wires twisted or three or four, with a shield.. Deciding how to use those.. well it can make a difference.
But physically being able to do it yeah, certainly.
Finally, wires can be stuck in the closet for YEARS and reused later. Perhaps saving the wire? and get one you can use, and then later on, you may be glad you saved it. (especially more expensive wires)
You can order Mogami 2534 cable, which is perhaps their most widely used model in balanced XLR applications, terminated with RCA connectors and in various lengths and colors, from Markertek.
I have done that, with excellent results in my system.