Help converting a Bandalore to a YOYO

So I bought this Yoyo while on vacation a while back. However it was made by a skilled woodworker who did not understand how YoYo’s work. He attached a durable braided cord to the axle, with the end glued into the axle peg. It only goes up and down, like a Bandalore. I attached photos for help. I am interested in freeing the string from the axle, either by cutting it flush, or pulling it. I don’t know if their is glue on the string, but cutting seems best.

After removing it, would some wax do it well?

I can’t really ruin it, as it doesn’t work that well anyway.

I’d try just pulling the string off. If that doesn’t work the cut it. There may be glue on the axle. Get a long thin tool that can reach inside and pick off as much as possible. If anything remains you can try to wear it down with some sort of coarse string or cord wrapped once around the axle. Make it long enough, say a foot on each free end, that you can hold it and pull the cord back and forth a few times. See if that smooths things out. Go back to trying to pick off more and rub with string as needed.

The cord/string warp is a recommended way to break in a wood fixed axle btw.

If it’s drilled and then the string glued in there, it would probably be pointless even if you can remove it, it will just become a string cutter. Maybe you can fill it with superglue and sand the axle smooth, but I’m not so sure if it will work either.