Dear Nightingalebrook,
I am sorry to say that you are right to be reluctant about cutting down your dracaena stem to stop it from touching the ceiling.
As you say, cuttings can readily be taken from the stems of dracaenas. Leaf bud cuttings also work. This should be done in early summer. Taking cuttings works well and should give you some fine plants in the future. However your original plant will certainly not continue to grow in the way that it is now. If it survives then you will get new branches, rather than a single stem.
Unfortunately the solutions seem to be to find a new home for your plant or to bite the bullet and try making cuttings. However, you should wait until next year before you begin.
I hope you are successful, whichever course you choose.
Emma
gardenersworld.com team.