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I would leave it alone. If it's on the trunk you can't cut it away. The tree is doing well and will probably continue to do so for many years yet. I have seen several old plum trees with amazing holes in them, sometimes with branches that are virtually hollow along their length and still growing strongly at the ends. The only time I might worry about this kind of thing is if it was in an orchard where other trees may be at risk, but it doesn't sound like that's the case.