I can't guarantee it but I think you can whack it off to stubs. I have done this (in the spring) with my other tree peony and it bounced right back. I would wait until it goes dormant (mine does go fully dormant) and move it then, or in early spring. The "hedge" of these at the Botanical Garden in Seattle was perhaps 10-12 feet high, if I recall correctly.
Wonderful drought-tolerant shrub, for the right place!
