I would face-joint and edge joint one side, let the wood rest a couple days, rejoint if necessary, then resaw off whatever will leave you with 1/8-1/4" excess on the "good" stock.
What Chuck describes is the safest way to approach it and the right strategy if this material needs to be as stable as possible. Most stock doesn't need to be super-stable..there's usually a way(s) to control some warpage mechanically if it occurs. For example, a table skirt can pull some warp out of a table-top.
I like to use the thin 'waste' material for cabinet-backs and laminations.
If you opt to go the resaw route, I can offer the use of my bandsaw. If you want to keep the boards full-width, I also have a 12" jointer.
-Mark