Wood is one of those great natural things that we should really try, as it can take so many forms. Almost all my tanks have had wood that I have found. I'm an old country guy and the idea of BUYING driftwood is almost alien! The only difference in buying wood and finding it is who does the finding and who does the paying?
At the age of this piece of wood, it is often nearly impossible to say exact species but then it is also almost meaningless as all the bad points like color from tannin or toxins from sap will be long gone as this is totally dry wood, so I move on to the important stuff like how to get it to stay down! I'm not patient enough to wait for months for it to soak, so move to quick and easy. I find what I want to be the base (after turning it 7-8 times!) and screw a piece of one of the softer tiles to the bottom. If you look for one of the softer tile types, you can actually make a hole with a big nail or screw if you work at it but masonry drills are much nicer. Then, since I don't worry about metal in may tanks, I use any screw that works to hold the tile. My water sets in metal pipes, water tanks and all kinds of metal before it comes out of my metal faucets, so the small amount of time it sets in my tank with a screw or two is not something I worry about! Your tap water comes right past that big old metal fire hydrant out front, in lots of neighborhoods!
Small point? The wood may return to the darker color after it fully soaks again as that is just nature.
I do bleach soaks for my wood as it is just cheap and easier as we keep it on hand for laundry and I share a jug with my wife. We don't need to use dechlor after a bleach soak as bleach is a gas by nature and will blow away as the wood dries and chlorine cannot be held in organics like wood as the chemical reaction will continue until the chlorine or the wood is gone. Kind of like trying to keep fire in a cardboard box. Just won't happen.