i don't think that is a graft it is side growth due to the trunk cut. anyway the stump will need to be cut back and the deadwood ground out. eventually the scar will heal over the wound (10+ years ) and something may be able to be made out of it.as for the species I haven't a clue. I agree with Geoff and you should plant it in the ground to let it grow.you can still do pruning ,being in the ground will help healing the damage faster