Wood with a knot there should never have been used in a gun stock. But, it is too late now. I would be hesitant of this repair. It could come undone, depending on the rifle's recoil. Also, even moderate side pressure will break the stock. It is only the thickness (and toughness) of the dowels that is giving strength to the stock in the repair area.
I often encounter these types of break, especially with nitro hunting rifles. Where re stocking is not an option (time, cost etc.); I fix as follows:
I strip the gun and clamp the fore piece in a padded vice. Using acetone in a hypodermic and needle, I GENTLY flex the stock so the crack opens a bit and then squirt acetone into the crack. This serves two purposes: One, it shows the extent of the crack (don't be surprised if the acetone runs out in places you never thought was cracked and two: it dissolves the oil in the wood so the glue can 'take' better. Allow to dry.
Then, use a good quality industrial super glue (not the gel) and, again slightly flexing the stock, add the super glue liberally. Gently flex and work the glue into the crack. The glue will go where the acetone went.
Then, use copper plate to clad the outside of the stock. This is an accepted traditional method of repair and is often seen on old guns; especially the hard kickers.
Best material to use is the copper plate salvaged from junk water heaters (geysers). The heating and cooling cycles not only anneals the plate, but gives it a genuine 100+ year old patina that is impossible to duplicate. Use counter sunk brass screws to fix the plate to the stock, spaced about 1/4" - 3/8" apart. Be sure to counter sink the plate as well, otherwise you'll shred your hand under recoil.
Incredibly strong mend: used on doubles up to .577 nitro and never had a failure.
Hope this helps.