I am interested to see how you deal with the knot/branch coming out of that belly split.
I have a belly split with an almost identical knot/branch. (I figured it was waste, but I started chasing a ring on it - I am frugal too - just to see if I could get a kid's bow out of it. )
I think I can get a bow out of it, but just don't know what to do with a branch / knot like that. I know how to chase a ring around a knot hole but what do you do when the knot is not a hole, but more of a branch?
Note - it was really satisfying to peel the belly split off and see he branch come through the knot hole on the top stave nice and clean.