Its very possible. I stripped a wiring harness for my neighbor and he is only running his Blaster on six wires. Three from the stator, the orange wire for the coil, a ground wire for the CDI, and one black ground wire that goes up the handlebars to a CR125 push-button kill switch. Easy.
Here's how you do it: (I'd show pics if I had them...sorry!)
Look at your stator plate. Unbolt the lighting coil, cut the wire, and toss it.
Now you've only got 3 wires coming off the stator plate.
Peel all the electrical tape off your factory harness, until just wires remain.
Trace the 3 remaining wires from the stator plate up to the CDI box. Leave these alone.
Leave the orange wire that goes from the CDI box to the ignition coil alone.
Find the black wire coming off the CDI box with a white chaser (white stripe). This is your ignition kill wire. It must be open for the bike to run, and grounded to stop the spark and kill the engine. Trace this wire back into the harness and snip it neatly where it is spliced to all the other black wires.
Find the solid black wire that goes from the CDI box to the igntion coil. This is the ground wire with the ring terminal that you accidentally broke. You need this one to run. Leave it alone.
Cut out all the rest! You'll have to snip some ground wires off of the CDI ground wire; they come together at a crimp fitting and you can snip them one at a time. Tape up the wiring harness when you get done, add a kill switch to the black wire with the white chaser that you cut neatly earlier, and you're ready to ride!
I'll be glad to do all this for you if you'd like. Send me your harness, I'll mod it, and pay return shipping. $ 15.00 done and shipped back to you. I may start offering this service to everyone on here. We'll see who's interested...