I'm tight as a gnat's chuff and I currently ride an old Michelin tyre that was old when I got it off
ebay and it's a lot older now, but I like it a lot 'cos (he said, touching wood) it's proved very reliable and you-know-what resistant (after I had
so much trouble with various Contis), and it has a couple of bulges in the sidewall not unlike yours, but I kind of pretend it's ok (while keeping an eye on it)...BUT I really don't like the look of your very first picture. That looks
well dodgy to me, and TBH I don't think even I would ride on that.