I found another SO thread that says you can't modify the subject of a message without opening it first. We can use ActiveInspector to get a handle on the Item after we display it. Then we can change it, save it, and close it. I added a check to see if the subject is actually longer than 11 characters before we attempt to truncate it.
Try this:
Public Sub ChangeSubjectForward(ByRef Item As Outlook.MailItem)
Debug.Print Now ' This shows you when the code runs
If Len(Item.Subject) > 11 Then
Debug.Print "Subject is too long. Trimming..." ' This shows that we tried to truncate.
Item.Display 'Force the pop-up
Dim thisInspector As Inspector
Set thisInspector = Application.ActiveInspector
Set Item = thisInspector.CurrentItem ' Get the handle from the Inspector
Item.Subject = Right$(Item.Subject, 11)
Item.Save
Item.Close
End If
End Sub