I have never built a chair, and before I "fix" one of my chairs, I
want to make sure there is not a good reason for how it is built.

The chair in question has turned legs that are splayed. The ends of
the legs are cut perpendicular to the length of the leg, I presume
because of the cost to cut so that the end sits flat on the floor.
Pressed-in feet also contact the floor only on an edge, increasing the
chance of marring the floor.

Am I missing a reason why I should not use dividers to mark a cut line
a uniform ~3/8" above the floor, then use a saw and block plane to cut
up to that line? Adding a felt or plastic pad will make up the lost
height.
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