David,Whew!,Glad Dana stopped you with the band saw.That stave,you need to take down by hand.A large knife,hatchet would work great.That big knot is what is left of a small limb.You might possibly end up with a small hole in the limb,depending on how deep the growth ring is you are going to chase.Take extra care around each knot and do not cut through them.that wood is very dense, so you should be okay with 1 7/8,or 2 inches at the fades.That stave will teach you alot if you take your time and ask alot of questions.
It will also ,hopefully give you a nice shooting, snakey bow.