Hey all,
Stopped at the McLarty museum this morning and spoke to the ranger (curator) about the find. Great news, he's certain it's from the 1715 wreck and thinks it may be a cluster of bar shot. His thought is that there could also be coins or other smaller items encased in the mass, and that I really need to get an x-ray done. That would verify what's at the core. Really stoked about this find, and hope I can find a place (affordable) to get the x-ray done.
One thing that sort of helped us that one end broke off and now can easily see the cross section of the bar. Could be simple bar shot, but it looks more like the more rare expanding bar shot. Photos below for comparison.

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