Depends on how much is there. If the cheeks of the plane are thick enough, i usually relieve the plane there. If not, relieve the iron wherever it's tight.
Combination of both is OK, but the blade usually looks bad after you grind some off of the side.
You're likely aware, but wood shrinks, absorbs moisture and expands, then shrinks, expands, etc. The expansion (springback) is always less than the shrinkage, so the tight iron is inevitable unless the plane was really sloppy when it was new. Even if the wood originated from your back yard, it would still happen. Any original toothing plane should be done with the significant changes in size, so one fix should be the only fix ever needed.
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- Fettling an old wooden plane
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