Yes, LANCEWOOD is a Scrabble word!

Letter values in Scrabble US: L 1, A 1, N 1, C 3, E 1, W 4, O 1, O 1, D 2.

Is it a valid word?

LANCEWOOD is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

durable straight-grained wood of the lacewood tree; used for building and cabinetwork and tools
source of most of the lancewood of commerce

Also: lancewood tree, oxandra lanceolata.