Hmmmmm I don't like that it's over the lip.
All the tension forces are concentrated on that lip.
I've made a few bows that had knots/branches with the puckered lip sapwood around it.
I like to knock them down, id rather violate them and have them smooth.
Every yew bow I've seen fail (except one) have been tension fails around knots or concave sections in the sapwood.
I'd consider knocking the area down, sanding it smooth, sinew wrap the area once or twice, and leave the area a little stiff. Or just go for it, but you will flinch every time you draw it