Greg.
Thinking about your cable before it is cut, the horizontal component of the cable's tension is everywhere the same (this being a fundamental property of the catenary). The vertical component at each of the two places you cut it will be equal to half of the weight of the mass that is to be removed (ie m*L1/2). Bringing the two remnant pieces together and attaching the lumped mass will not change these two force components, so therefore the shape and force-state of the remnant cable pieces will be unchanged by the operations you have performed. Thus you will have everything in a state of equilibrium.
But will it be the correct state of equilibrium? Only if the total unstressed-length of cable matches. Even if we simplify the situation by assuming that the cable is inextensible, I have my doubts. If your thought experiment is correct, then the horizontal component of tension in Mosk's cable is unchanged when Mosk hangs his mass on its mid point.
A bit of serious maths would answer this one way or the other (for the inextensible cable case). I might give it a go some time, but not today. In the meantime, in the spirit of the current horse racing season, my money's on "no".