How long is the bow don?
35# is not a lot, especially for 1 1/4"
I'm going to go against the grain and say that
I would probably knock the width down and lose
that knot. It would end up in the side, which depending
on how funky or solid the knot is, could be good or bad.
I'm working on my 8th yew bow, so experience is limited,
but a couple have knots on the side and they're ok.
BUT, an over built yew bow is better than... Well you know
I also say this because Im in yew heaven.