Hi figlegacy,
up high on a stem, I would rub dirt against and let it be.
At that height, I would mound some dirt to allow the stems to root themselves.
The problem is that that hole is a weak point and the two stems might snap at some point if the leaves up above get too heavy.
I would put a stack at each stem to keep them up right as well .
The little green stem is indeed a root-sucker. You can use it to propagate your tree, just let it age for now. That stem will set back the other stems as being closer to the roots, it will use more sap as being closer to the source.
If you don't need it, just break it under the dirt to leave all the energy flow to the two older stems.
You could still let that tree as is. I would rub some dirt to seal that hole so that if an insect does want to go in, it will have to open the gate and you'll get the info .
I have clay dirt in the garden and that is a nice sealing material .
In a grafting show, the guy used to put two scion on each trunk in an opposite position - sort of, just like your two stems.
He said : when both scion take, I'll cut one. If both are left that will make a hole in the middle of both and that will not heal and both will tare apart and fall at some point.
If one is left and the other cut, then the wound will seal correctly as both callus will join and seal the top of the cut - he used young tree cut flat at some height.
So airlayering one stem, then cutting it, and leaving only one stem should allow for a nice sealing too.
My preference still is to bury as this allows for propagation at the same time.