Personally, no - I'd record it as it is. I often use the roll off live - when recording or doing PA with a low register instrument - double bass, Bari sax etc, but recording only means I'll deal with it afterwards. However, where are you putting it? The very mellow tone suggests close to the body of the cello. Have you tried just backing the distance off a few inches - it makes quite a difference.
I noticed that the cello timing is slightly ahead of the guitar, especially at the beginning of the piece. I don't know whether you meant to create the effect of the cello rushing the time a bit or whether there is a synchronization problem between the cello and the guitar. I have dealt with similar synchronization issues, and my technique is to have something audibly "count in" the beginning of the piece; I can then erase the count-in if I don't want it to be part of the piece.