How much surface area do you need on studs to hang drywall?
"Wane" is the area on a edge of a board where the bark may have been but flaked so the edge is not a full flat surface. In today's high recovery saw mills the lower grades may have wane on all 4 sides of a 4x4" because the tree top was not much larger than that. Not all lumber is safe for building it should have a stamp on it stating the grade. In my state #2 is the lowest grade for structural lumber and the wane is limited to get this stamp. It sounds like you have #3 or #4 grade lumber I would check local building codes to verify it is safe to use. I will double check with one of our graders on the limit of the wane for structural lumber. I just talked to our planer operator he grades on occasion he said 2/3 the wide side can have wane and 1/3 on the narrow but the other 2 faces should be clean for a #2. He did say there was a small % that can exceed this but we don't push it or we could loose our stamps. The inspectors regularly pull loads and inspect complete units of lumber with the grader.