Randy: If you want to save that blank, try the following.
I am assuming the blank is turned to final diameter so you cannot take anymore off the ends or it won't match the hardware. But do take some sandpaper and sand a little just in the areas of the knot so the blank has a slight "dish" in it. I think you shouild be able to make the knot "close" without removing very much material. Then you can feather the dish out to the ends. You will have a slight concave form to your blank; but I doubt most folks will notice and you may even like the feel of it??
Note: It does "look" like the drilling is off center; but I think that is a photographic illusion and the drilling probably OK. OTOH, if the legs of the rings really are different lengths, then the drilling is off center despite what you might think.