Q.Strange Looking Small “blobs” On Trunk Of Norway Spruce
Healthy, 50+ YO tree. Has white stuff all along trunk, but my concern is that I just noticed these small, yellow-ish small blobs (about the size of a nickel) coming out of some holes in the trunk. Maybe a dozen have been noticed. Many sap-sucker and woodpecker holes in trunk. I gingerly poked one, and it seemed membranous. Pic attached.

Certified GKH Gardening Expert
I spent a lot of time researching this and I'm not finding anything that looks quite like this. You may have insect holes in addition to woodpecker holes. I do think I see some clear resin leaking from the tree, which is gummosis that can be triggered by insects such as borers. It seems it must be insect related or a fungus. I suggest calling your local extension agent, who may have seen this before in the area. Here is how to locate him/her.
https://www.gardeningknowhow.com/extension-search
https://www.gardeningknowhow.com/ornamental/trees/spruce/norway-spruce-tree-info.htm
https://extension.entm.purdue.edu/publications/E-256/E-256.html
https://barron.extension.wisc.edu/files/2011/08/SapsuckerDamage.pdf