I’ve made couple backed Osage bows out of stuff like that. They ended up being fine shooters and had a cool pattern on the belly when finished. That stave does have a lot of early wood, but go for it if Osage is rare for you.
If it were mine, I’d pick that dark ring about 4 rings into the heartwood, carefully chase to one or two rings above the desired ring with a draw knife and finish the last couple with a scraper. Then, do any needed heat corrections, back it with deer or goat rawhide and proceed like any other Osage.