Has anyone ever chopped down a multi trunked crape myrtle tree to have it grow back as a flowering shrub ?

I have a 15' crape myrtle that must of came up from seed ,growing only a couple of feet away from an even larger palm. They don't look good as they've sort of grown into one another.

I want to keep the palm for sure. But it would be great if the crape myrtle could be turned into a shrub that blooms in front, below the palm.

Is it possible to have it grow back as a flowering shrub? And might it regrow and flower each year if I cut it back to the ground yearly if necessary (or maybe just remove all the larger "canes") before it begins leafing out again? Or can they not handle such drastic prunning? I notice this variety seems to sucker from the base a lot and produce lots of seedlings