Reply by tnwood

I don’t think that is spalted cherry based on the bark shown in the first picture. Are you sure it isn’t a maple?

If you have an alaskan mill, I would make lumber from it; probably cut to 1 1/2 thickness so that you can make veneer from it or use it as 3/4” table tops if you want. You can always cut some turning blocks as well if you are into that aspect. You don’t give the log length or diameter so it is hard to know how to best mill it.