Saplings tend to have grown over knots.
Exactly. I take backings from the OUTSIDE of small elms occasionally, but the middle of small trees are full of the things left from when the tree was even smaller; knots, grain wiggles, branch roots, etc. I usually just get a couple out of a 2-3" tree, but if it was perfect, you might get 4 out of a 5" trunk, 1-1/2" wide or so. I wouldn't bother with the middle, though.
Small elms or ashes growing in shady thickets often have that almost perfect 3 inch x 3 foot section that is smooth and clean, but underneath it, who knows? The trick is to work them while green. I chainsaw them in half, thin them to about 1/4", then clamp them to a straight board to dry. Leave NO sunlight showing between backing and board, and clamp it snug and straight lengthwise. Then, when it's dry, you can mill the gluing surface better. The sides may wander a bit, but get the thickest part of the crown straight down the middle.
Two issues: When you clamp it, you have to make sure the crown doesn't end up wandering side to side. AND, you have to make sure it is really dry. If you glue up a backing even slightly green to a belly, it will continue to dry into un-manageble reflex. Trust me, that blank is still sitting in the corner of my garage.