Home Depot will not have the correct bolt to replace that if you cut it. I strongly suggest you do not. Undo the mounting points for the headers and remove it. Trying to save time and money by taking "shortcuts" is only going to cost you a lot more money in the long run. Either do it right, or take it to someone who can do it right. Also, the bolt is in the correct way. It may seem like it's a stupid thing for a bolt to be in the path of an object preventing it from coming out, but the engineers do that for a reason. What if the nut falls off? If it were in the other way, there would be nothing in the way that could possibly prevent it from completely coming out leading to a major failure before the rider has a chance to slow, pull over and stop.