It sounds reasonably but will depend to some degree on the direction of the knots. For example if the knot is perpendicular to the face of the lamination (so that it's like a little dot or circle) you're probably ok, as long as you overbuid the bow slightly. This knot probably only reduces strength in that area by maybe 10% (or whatever % of the total width it covers).
On the other hand, if the knot is very large and takes a large percent of the width of the lamination, OR
If the knot is parallel to the face of the lamination, in other words it would look like a line extending from near the middle of the lam out to the left or right side of the lam, then you have a problem because this know weakens a very large % of the total width of the lamination.
If you have the traditional bowyers bible series this is also discussed, I believe it's in volume 4: design and performance revisited.