I recently had the center brace pull lose on a 120 gallon tank. I saw it was pulling loose and was attempting to reinforce it when it snapped.
As mentioned above, the amount of bow in the class can be amazing, and scary. I rushed out to the shop (I'm on a farm so I have lots of toys laying around) and got a long carpenter's clamp to put on the tank. I drained the water down into the sump to take off pressure, then pulled the sides back in as far as I was willing to risk it. I was assuming that if I could just stabalize the glass with as little bow-strain as possible I would be safe.
I used a band saw to make two reinforced wooden braces--one about a foot on either side of where the original single brace had been--and painted them to match the tank's top. These were cut very precisely to hold the sides without allowing any further bowing.
This has worked, so far, without problem. My big concern was that the new braces would create shadows from my halide lights. The good news is that with two pendants and good reflectors (Ice Cap) light fills in the shadows to the extent that they are not noticible to the human eye. My corals don't seem to notice, either. I actually get more light effect from the egg crate I have on top of the tank, which makes shafts of light that are barely visible when viewing from certain angles. With the ripples from water movement this is actually a cool effect.
So, if the shadow from your center brace is a problem, you might consider going to two light sources on either side of it. Or, as a LAST resort, brace the tank on either side of the center brace and then cut it out.
I would recommend against cutting on the original tank brace except as a last resort of desparation. Any cutting can only weaken the tank.