Greetings Jeff:
Well, do you really want to open Pandora's Box of log grades? I mention this fact simply because there are literally hundreds of hardwood log grades floating around the internet. Rather than sending you on a fool’s errand in which we exam each of these log grade rules, let’s simply point to a couple that are widely used and accepted by the eastern hardwood industry:
USDA Forest Service Tree Grades: http://www.fs.fed.us/ne/fia/datacollection/manualver1_7/A09_Tree_Grades.pdf
USDA Forest Service Log Scaling Handbook: http://www.fs.fed.us/im/directives/fsh/2409.11/2409.11-NF%20LOGSCALING%20HDBK.pdf
Univ. of Tennessee: http://www.utextension.utk.edu/publications/pbfiles/PB1772.pdf
American Hardwood Export Council: http://www.ahec.org/hardwoods/pdfs/IllustratedGradingGuide.pdf
Log grades are typically assigned based on the following specifications: species, minimum length, minimum diameter, defects (i.e., clear faces), sweep, etc.
This should get you started for now…