Thanks guys. I got the set screw out and tried twisting off the cap, but it wouldn't budge. I have a small pin spanner that had to be stretched to accomodate the larger pin distance, but that didn't work too well. I also tried using a strap wrench but those are weak. I thought I was doing something wrong, but I guess I'm on the right track. I will try getting/making a larger pin spanner.
Michael, taking it out completely sounds like a good idea to me. These days, I rarely use cutters larger than 3/4" in diameter anyway, so they're probably unlikely to spin.