If I'm sure I'm sinewing I wouldn't have chased the ring anywhere. Normally with osage I would decrown and try to follow the same ring down the center of the bow back, not worrying about anything else. I personally would not leave the knot proud like that, but I wouldn't necessarily chase the ring either, I'd just cut it down to the level of the bow back. Well, now that I think about it I'm so OCD that if I had the rest of the ring chased I'd chase all of it. But I'm stupid that way.
I'm a little bit curious what that knot looks like on the belly. 90% of the time you can ignore knots in Osage, but now and then....
Having said all that, as nice as your back looks I'm not sure I'd sinew it at all. Nice work.
George