I think red oak is a fine bow wood. Not top tier perhaps, but in no way marginal. I've seen Red Oak bows in the 50+ range shooting over 170 fps at 10gpp. I probably haven't made more than 5 or 10 red oak bows, but the ones I've made have performed well at weights of 45 - 55 lbs.
The key, I think, is picking a good board.
Gabe