Sounds like a good plan. But being a paniculata that is already established in the garden, it may be necessary to cut lower or even to the ground. (You did not say how high it was?) If it was already 4-5' and you cut it in half, it may grow back to that height -or close- real fast.

Usually flower buds develop in late May-June. ish. Then they open in June-July. But my panics leafed out way too early this year.

Thanks so much .... it's 4' now. I'd be cutting it back, not to contain its size, but to give it some fullness and reframe the shape. I just needed reminding when to expect buds to develop so I could summon the courage to start - lol

Mine leafed out early as well. I was surprised.