It's probably wonderful, rich soil. The best way to decide whether it's too acidic is to test it. You can buy a meter at Lowe's or Home Depot that will check the ph level. I use pine chips on pathways and every few years when the composted wood gets too deep to add more, I just scrape it into the garden beds to enrich that soil. Makes a handy compost pile. ;-)

Pine bark won't affect the pH in an appreciable way (it's a myth that it does).

Do you have a large pile of compost to work with, or have you been working it into the soil?

Nope. Its just been layered on top of previous applications of the same pine bark over the years. No compost has been worked into it. That was my concern.
I just dont want to spread it only to see that grass wont grow in it. (Weeds sure do!!!)

Not to worry.

rhizo: You say "No compost has been worked into it." It IS compost. Just plant in it or move it to your planting beds to enrich them.