I've worked on some red cedar burls. Cedar is supposed to be a near cousin of redwood. You can leave the edges the way they are, if that fits with your end view of what it is supposed to look like. I've soaked the edges with finish, many heavy coats and they will stabilize (harden and be less prone to damage) to quite a degree and they even eventually start to look shiny. You would really have to butcher it to add an edge trim.
Bill, cedar is bad about tearout but usually only when routing across grain as when edge profiling. Working the face is usually pretty trouble free. Cedar, and I imagine redwood too, is very easy to carve and easy to sand and saw, but the knots are very hard and can chip router bits. Cedar can also can be quite gritty and can dull HSS tooling fairly quickly at times.
Someone I consider a master woodworker once told me that a master woodworker is not someone who never makes mistakes. He is someone who is able to cover them up so that no one can tell.