Well, hickory doesn't grow wild in Utah, and I do make selfbows more than backed anymore, but why not? If you got it, use it! Getting the thickness right, since it is still the outside of a living tree, is the hard part, and red elms like to grow little tiny branches in rows up the trunk until they are quite big, resulting in little pin knots with small raised bumps. However, various scrubby red elms are the kind you see most, and they aren't great compression woods, but are stringy, scruffy and hard to split cleanly, so, yeah, backings......
I would say, albeit from limited experience, that a good elm backing sawn from the outside of a tree is probably just as good as a sawn hickory backing. Plus or Minus. I mentioned I used locust and a tropical hardwood.
BTW, if you are hard up for backings, I also remember on this site, or Paleoplanet, I don't remember which, where a guy chased rings on both sides of an shovel handle, and sawed it down the middle to make a backing with a chased ring. Kinda cool.