Red oak has a SG of .55 to .65- meaning it's a good wood. If the piece is light, you might want to leave the draw weight lower, but other than that- go for it. It's little less tough than white oak, but dries more quickly and splits more cleanly. I actually prefer it a bit myself. I don't know how it compares to English oaks, but here the wood's excellent- I don't see why it would be very different.
Red oak makes great flatbows and D bows, but I've had toruble making it into ELB's- don't take belly tempering the same as white oak, elm, or hickory.