Given that it is a named variety and there is also a distinct change of bark on the trunk I would say it is likely that this is grafted.
Kirky's advice about layering - is it really worth spending most of the year getting another second rate tree - is spot on. Far better to start another one or pay a bit for a good trunk. By all means layer good material but just chop less valuable trunks and get on with the job of making good trees.
Japanese maple is always a favourite to start with but in reality they are a demanding species. Growers really need to understand pruning and pinching to maintain good shape and prevent lumps and reverse taper.
Only one view of the trunk for this tree so it is difficult to give sound advice but from what I can see - lack of taper, coarse branches (especially 2nd branch) reverse taper are the difficulties. Trunk chop at first branch is always an option but how long would the regrow take? Chop would give better taper but, as Tim points out, can you bend that branch to make good trunk flow? Current right angle would be too awkward

The tiny secondary shoot there may be an option but would set development back even further.