I personally would remove some wood on the belly around the knot area to try and determine how the knot runs through the limb.
If it goes straight through from back to belly I would consider moving your bows centreline towards the bottom of the picture, away from the knot. If you have enough width you could probably get past it.
Whatever the back does follow it on the belly,, one side of the limb can be high, the other low with no problems just make sure you follow the grain.