Not likely to be cancer - would watch it over time and consider FNA if needed. The I-123 scan would be the next step though given the low TSH.
898 -- Ethanol injection is not ready for "prime time" to treat hot nodules.....surgery or I-131 are the mainstays of treatment.
Missed important thing: such nodules in most cases are benign.
Isodense is the term similar to isoechoic- it means it has same density,but different structure then the rest of the gland. If the thyroid scan will find this nodule as HOT it could be responsible for elevated T4 hormone levels.
The hot nodule either could be treated with low dose of radioiodine or ethanol injected (not super effective due to this 1 cm size). The biopsy is suggested for the nodules that are cold and more 1 cm in size