Depending on the tree, freshly cut wood can have anywhere from 1:3 to 2:1 ratio of water to actual wood fiber.
So, unless we want to remove a massive amount of fresh water from the ecosystem, we also need to invest energy in drying out the wood well below natural humidity levels (transport to a desert maybe?) on top of electrifying what is currently a diesel and gas heavy industry (cutting and transporting logs with heavy machinery).
There's definitely lower hanging fruit for getting C02 out of the cycle.