SO, long story short, I cut it off.
(I could probably say something here about the efficiency of cutting off whatever is stabbing you...but I'll spare you.)
No need to fear for the pretty but itchy neckline embellishment. I attached it to another shirt to hide a neckline that I didn't like.
I should also probably mention that I did this last year, so the poor gray shirt has been sitting, relatively destroyed, for that long. I'm glad I found some pretty fabric and decided to fix it up.
I'm rather fond of braids, so I made one from three glued pieces of fabric that I cut long enough to fit the length of the neckline. My sewing machine is currently out of commission, so I used hot glue to bind the edges and make a fabric tube of sorts.
I glued down one end to the shirt and began to braid the length.
After you attach the free end of the braid to the other should (mindful of how high you want the neckline to be) you should then attach the shirt to the neckline. I glued this too and made little puckers, since the fabric was rather billowy.
Before I attached the bottom of the shirt:
Pretty, ya? I'm hoping that it's not too low in the front. It looks that way here, even though I measured, so we'll see.