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For only 12', I'd cut it out. Make a killer sling or something out of the 12' piece and then splice another eye in the rope.

12' is too far to be part of the splice. Does the lump go all the way around or could it just be where the rope was folded or smooshed for a long time? Or maybe it was where the splicer had the rope tied off while he did the splice? Put some tension on it and feel the spot to see if it's a lump...