By how much is the circuit board in the way? It can only be a few mm. If you're going to cut it, only take as much as you need to. You certainly don't want the tip of the jack plug touching the board though as there's a fair chance you'll short out your signal if it does.
Some careful work with a Dremel cutter would be needed to cut perpendicular to the edge, and I'd probably use a tiny drill to make a line of holes to join the two slots, then carefully cut through the remaining metal track with a Stanley knife. The board should snap easily enough if you drill the perforations but you want to avoid lifting the track, so cut through it first