For appearance, I would cut off ,equally, from the top and bottom, use the cutoff pieces to fill the old mortises , paying attention to the grain. then relocate the lock hardware. To avoid chip out, in addition to a sharp saw blade, straight edge, etc, make a 1/16" cut on the side that the blade exits the wood (with a circular saw, that would be the top surface ) this will shear the surface and prevent chipout when you make the full depth cut
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