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Is it okay or not a good idea take the 45 inch stiff shaft out of my driver, get it cut by 2 inches and put it in my 3 wood? They are the same tip size and I would be okay with the weight. What could be some of the cons to doing this.

Feel might be effected and if the shaft is light like 65 grams or so, you're swingweight will be very low. Most of the time, a 75 gram shaft is the lightest you'll see in a fairway wood because the swingweight would come out too low otherwise. There are some companies that put a 50 or 60 gram shaft in their fairway woods, but I'm sure they make the head 5 or 10 grams lighter.

There is no reason you can't do this. Most all shafts for drivers can be cut down to work in a wood. Just check any trim chart, and you will see this is correct. Swing weight is also not a problem, as a 3 wood head is heavier than the driver head, and it works out fine. Been there, done this. it works fine.

This is no problem at all. The real question is to determine how much to trip trim the driver shaft before inserting it into the 3w. Most shafts, but not all, call for increment tip trimming between the driver, 3w, 5w, and so on. One way to gauge this is to measure the parallel tip section of the shaft in question. If it is less than 3in., you can tip it 1/2" or so, greater than 3",you can trim it up to an 1". It all depends on your desired ball flight, desired feel, and the design of the 3 wood you are inserting it in. Also, most drivers have a deeper bore depth which means the shaft prep will be showing in a fw if you do not trim the tip. I keep extra long ferrules in stock for such cases...