I'd love to have a crack at that stave myself! Pun intended, but the sentiment's the same. Looks like a perfectly workable piece of bow wood.
From the looks of it, the wood is ring porous...soft early wood under hard late wood. Shouldn't be inpossible to chase it down and eliminate it. But don't touch it until you hear from the dealer. Most reasonable stave traders draw the line at wood that has been worked.
Good luck and keep us posted.
-john