where did you get it?
As long as there isn't any noticeable resin/sap, and it doesn't have a smell (other then a earthy/woody type smell), then it will probably be fine.
If you got it someplace where it had long term exposure to the elements (well exposed deadwood, or been sitting in a body of water, etc.) then that's even better.
The bumps are probably just failed buds/twigs, or maybe some scarring or something, just makes it interesting looking.
Even if it's soft, you can still use it, it might just decay quicker/need to be replaced sooner.