IF you do peel it, I would IMMEDIATELY split and/or reduce it, seal it heavily everywhere, like joachimM said, and keep it in a cool place out of the heat and wind.
Most of the plum I have access to is small diameter and usually has some spiral grain. Just last April I cut a 3' sucker branch about 3.25" on the fat end which I stored bark ON, ends SEALED with TB glue. It was fine in May when I checked, and again later in the summer. I had hoped the temps would sort of slowly rise at about the same time the branch was drying. I checked on it in mid August and the whole branch had ruptured a 3/8" wide spiral check, halfway through the log, through the bark, in the middle, not the ends, but almost full length. Totally ruined.