From your home page you seem to be in USA and you've posted in the Australian tree forum, but that might be deliberate, in case it was accidental you might want to post in GW in USA for local input..
(But I also know for a while , new Aussie members had difficulty registering unless they gave up and claimed USA and some zone as their locale.)
In any case it is a while since your question.
I would say, that the true beauty of a jacaranda, is un-restrained growth. As a specimen tree or street-tree, they have a grace which is only enhanced with age and especially in flower.
It is the nature of their growth, to reach that potential without lopping or pruning. they simply do not take well to that, it does not encourage strong growth. Certainly if started too early and you end with low-division of trunks, it is almost inevitable that the tree will have problems due to wind, water, storm damage, age, whatever and that in turn may result in damage to people or property due to dropping boughs.
They do not have a growth habit (like say poincianas) which lend themselves to a nice broad but low growth.
If you want to enjoy the flowers once a year, I would pot it and treat it as a large "bonsai" and then a bit of pruning etc would be acceptable. I would NOT do that in-ground, as their tendency is still, to set a massive root system, ready to anchor a potentially big tree. Even if trying to keep it low, you may still get invasive root problems, surface rooting, loss of lawn and problems with under-planting, buttressing, and if you finally need to get rid of it, it will cost a WHOLE lot more to do at that stage and cause a lot more mess.Only IMHO