IMO, unless you've got a frame that is in perfect in every other way, it's almost a bit of a waste of time (yes, Jon is going to slap me for that
).
If you have horizontal dropouts like Chewy mentioned then it may be worthwhile doing, but the big thing you have to take into consideration is tyre clearance.
Frames with super short stays will usually use some funky yokes or tubing manipulation to achieve adequate tyre clearence when the tyre is so close to the BB. If you're just looking at hacking into your d/o's, you'd want to make sure you had plenty of room to play with at the other end of the stay.
Of course, if you want to completely remove the stays to shorten them, then you could put in a high clearence yoke anyway, but personally I question the value of carrying out such major changes to a frame as it may well be more practical just to buy one that is right in the first place (or get a custom frame made from scratch).
Really though, this is just speculative dribbling, so ignore me and wait for Grip.