Yes, Del is spot on. Listen to him.
The only thing I can add is this: you could also leave this log whole - as is - and put it to dry slowly for at least a year before working it. It will take longer to dry fully, as opposed to reducing it, but at least it won't curl into deflex, which is very likely if you chop away the bad side of the log before drying.
I'm usually not a fan of leaving logs in the round for drying, but the only exception I make is for logs less than 3" across, as long as the bark is still on and you can dry it SLOWLY (not in a warm attic or shed now in summer!).
