if you mean resaw that board into two lams, that might work. or you could cut in half and splice back together. I've done this many times to salvage a full length slat that had one or two pin knots in the wrong place, much like yours. I think I'd cut in half, or a couple inches in favor of the end with the knot. trim the end with the knot as much as you can and still maintain the desired length. Z-splice them back together with the knot end in the middle. ideally, with the 4" or so you lose to the splice plus whatever else you can afford to trim, the problem knot will wind up sandwiched between your backing and riser section and be of no further concern.