I will leave it to the more experienced collector or the folks at CD to advise you whether to remove these so-called 'bumps'. All I can tell you is that my copy of the Gift Edition don't have any bumps on the spine of the dustjacket. Smooth all the way. I'd advice you though to take several pics of the dustjacket and upload it here or in the collectors' thread or e-mail it to the folks at CD with your question before doing something rash that my damage the dustjacket because from my limited collectors' knowledge, the dustjacket is kind of a very important part of a collectible book.
Is this close to selling out Brian?
Although, seriously, the traycased multiple remarqued edition of Everything's Eventual is appealing more to me at the moment (not that I don't love Pennywise any the less, but man, that case is sweeeet !!!!!!!!!!!!!!) 
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