Just be sure to scrape or sand out ALL of the toolmarks around that knot before you get it bending much at all. Knots are wonderful character and always draw a looker's eye to them. On the other hand, they also draw all kinds of extra stress to themselves too and any toolmarks, scratches, or cracks will help focus the stresses and lead to further failure. Can't wait to see more pics of the bow, keep posting.
Good luck!