You could use a CB Query Field to query the database for the value and that'd let you use SQL functions to shorten it. You could also use CSS to limit the height of the row and set overflow to hide. You could also try using text-overflow (CSS3), but it'll only work on modern browsers, which should be ok. You can see an example of text-overflow below.
jsfiddle.net/fVeqY/
More information on text-overflow can be found below as well.
www.w3schools.com/cssref/css3_pr_text-overflow.asp
I suggest the CSS approach as it's better then querying to database multiple times for the field.