Elm is allot like Hickory in the sense that the grain is interlocking . That's why they used it for wagon wheel hubs. I would think it would take forever and a day to chase a ring , but if you wanted to ,you could likely decrown it with little fear of a violated back. If there isn't any damage under the bark I would go with that . Not much point in doing more work than you need to. IMHO.Others may have more or different experiences than I ,and I look forward to seeing more responses to this post.