Before you "carve" that blank I would trim off several places with a band saw to give myself extra wood to use if a void is under that knot. Not saying there is one but a well inlet repair can become invisible while saw dust and large chips are hard to use in anything other than very minor blemishes.
I had a blank with a burl which became about half an inch across when shaped. It was a canyon. I was able to use a "trimmed" section to inlet a perfect repair into the stock. When finished it was completely invisible. It took four or five donor segments to get the one with the right grain structure and color but in the end it worked well.
