Id cut it off a couple inches below that crotch, then split it into billets,seal the ends,and then wait for em to dry in a year or two(if your not in dire need for wood),but if in a need for dry wood sooner then you can rip the bark and sapwood off to the first heartwood ring,then seal the back as well with shellac.
Hopefully you have enough length from a couple inches below that crotch to the base. You need at least 36" of length billets for adult bows as a general rule.