I would lay a bow out beside the knot. In fact, I'd lay the bow out as tight as I could to that side and see if I then had enough to get another good bow with what remained. You could make the second bow a little shorter if you didn't want to try to include that knot.
I've cut hickory trees that had a bunch of those things. I made bows with them, including them in the limbs... some where ok... and some didn't hold up.
How wide a hickory bow needs to be depends on the draw weight, bow length, etc. For a bow below 60 pounds or so, I generally make them from 1 5/8" to 1 3/4" wide at the flares tapering in a convex arc to the tips.