Rich I would say there is not much solid looking wood in that one. I had a friend of mine that was trimming some of his fruit tree's and brought me a burl that looked almost like what you pictured. There wasn't enough solid wood to even make firewood out of it. There is probably a lot more rotted wood that you won't see till you cut it.
I say cut it and see. I would cut it length wise to the branch and see what you have. May surprise you to.
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