I'd say offhand your still good. You could leave the knot in or take it off, maybe. I'd need the wood in hand or some more pictures of the whole stave. In the past knots were really taboo. But as more hardheaded bowyers forged ahead and made many useful bows with knots in them, such as this, the info on knots has changed.
If you take your scraper and take the back down to one ring from 6" above to 6" below the knot where you can see and follow the grain as it goes around the knot, it will help to make a decision on whether to leave the knot or not;^)