It's the edge of the sleeve. Mine does it too, and I have a Pro 5.0 and LSS, so you're not getting much shorter!

 

The same thing was happening with me and my 2002 ws6 +short shift. I removed the center console took off the ash tray cap and put the console back, and wallah it's out of the way and doesn't look bad without it. I tried the stick velcro and couldn't get it right. Even If I could velcro or glue the thing I prefer it off now.