George, A knotty hickory is uncommon as far as I know. There are still bows in it however. Might seem impossible but in a year or 2 you'll wish you still had at least one stave of the knotty stuff. Look a bit more for a better tree. You can read the grain from the bark as to whether it has knots or the tree grew twisted.
Fox, I have made good hunting weight bows from hickories from about 2" in diameter and up. A tree of 8" to 10" is relatively easy to drop and cut into staves and your staves will have fairly flat backs. When you drop it cut your logs and split them in half. Seal the ends and let them sit in a protected area for a month before you split out staves. 3" across the back of the stave will give you a good bow. At this point peel the bark off. I would seal the back with shellac but others don't seal the back of whitewoods with good success.
It is best to wait until spring when the leaves are out before cutting whitewoods but cut early in the spring. That way, the bark will peel off easily and the wood under the bark has had a year to mature and will be the best back you can come by.
You can buy a cheap thumb plane from your local hardware store for about $10. You can make good arrows with it and a simple jig to hold your shaft stock while you cut corners...so to speak.
Here's my set up...