" There was a lot of LARGE dead wood on it, and the bottom portion of the trunk was punky."
How punky? What % of the circ, how deep? If you don't answer this before getting up and rigging big limbs, you may be risking your life. Someone on the crew has to take a minute and see if the tree's safe.
" The top appeared to have some live buds on it, but on my way up I kept on finding cavities, or at least evidence of cavities."
This is the worst time of year to rate condition. when buds are just breaking it's really hard to judge what's dead without taking a close look. Being quick to judge (what is "evidence of cavities"?) iis not safe or smart; either you or the tree may be treated too harshly.
Oldmonkey may have a reasonable compromise but Ekka has a better idea about climbing in a way that is safe for you and for the tree. And Lumby is wrong; Shigo and others have traced decay from spurs that are death of tree tissue, and posts have been made of documenting whole tree death by spurs:
"Below some old pruning cuts halfway down, a portion of bark over 4’ square was detached. Curiously, it wasn’t near the lightning wound! Insects had entered wounds made by climbing spikes and eaten away the cambium. That climber must have dug in his spikes to keep his balance as he cut, with Great Expectations that those little holes couldn’t possibly hurt that great big tree. ...
Added to the lightning wound, this human-made injury put the total dead bark area over one-third of the circumference. Despite insect control, fertilization, and, belatedly, mulch, the prognosis was poor. Little scar tissue grows, and half the crown is pale. The tree’s useful years were over, clearly due to the use of climbing spikes."
Bottom line--Look well at the defects and **assess the risk** before you leap up a tree. There's no excuse for risking your life and the tree's the quick and dirty way with spikes.