Sounds like the tree took a bit of a scuffing at the base, you see that a lot where logging or thinning is going on in the woods. What you have at the base of the tree will become what is known in the logging trade as a "cat face". The scar is most likely dead there (but then 90% of a living tree is dead anyway, only the very thinnest outside layer is actually alive). The tree will continue to try to close over that scar with healthy new tissue for years to come, and if it lives long enough probably will.
Go back to that tree and look at the rest of the wood, unless you cut it the same season as the scar was produced, you are going to want to avoid having that scar in the bow. I would seriously avoid using the scarred portion even if I cut it the very day the wound happened because I would be concerned that the wood under the scar was bruised/crushed/compromised in some way. As you say, the other side is in good shape. I probably wouldn't worry about that other side, go ahead and cut it and send THAT portion to me. Offer still stands, I'll let you know how it turns out.
