Pat, go ahead and try it. By the time you get it roughed out to drying dimensions, you'll know if it is wotrth taking further.
I work with a lot of red elm saplings, and it seems to basically attract disease. They are always leaking brown gunk, and sometimes even smell bad, like a deer's guts, or have weird things under the bark. The heartwood is softer and more vascular than other species like American elm and ash, and contains a lot of water, even when dead. In spite of this, the sapwood retains its tensile strength pretty well.
If it is a red elm specie, take the bark off, take a bow out of the best looking wood, and you should be fine. If not, you'll know before you get very far, just by the texture and feel of the wood, if it is junk.
Standing dead white wood is generally junk, but the tree may just be sick, or just doed before winter or whatever.