It's a beautiful piece of wood, visually....but knots and stability are usually at odds with each other. I'd be especially concerned with the area of the knot that intercedes the area(s) where the bearing edges will be cut.
When that log was a tree, that knot was a branch and the area where it connected to the tree trunk had a lot of tension in it from the way the grain grew. Now, you have alleviated that tension and the wood will want to move in the path of least resistance until it runs out. Also keep in mind that when you add the lugs, rims and heads and bring all of it under tension, it might change that natural path of least resistance in the grain, to somewhere else.
You might also consider undersizing the diameter of the shell a bit so that the heads will float on the bearing edges. Sometimes, the flesh hoops of the drumheads can bind up against a shell if it's too large.
