the toughest thing is going to be to get wood that has not seen the inside of a kiln- that does phenomenal damage to the cells- i see it in red oak board bows- whereas a red oak stave is by far superior.
the kilns are under such high demand to get wood turned around- that is always the bottleneck in an operation- they force steam into the wood, they apply high heat- they can dry wet wood off the saw down to store moisture quality, literally in days! a load of 2x4's can be done in 24hrs!!!! in the big "spaghetti mills".
back to your dilemma, ash might be a very good option ( lighter than hickory), pine,sitka spruce will be better than all the other spruce's- not saying the other spruces wont work. tamarack/larch is a good option. of course fir or hemlock ( both on a par), yellow cedar will work a lot better than red cedar- its pretty tough, its actually a Cypress, not a cedar- "Alaskan Cypress", the trick is going to be to find clear, tight grained wood.
what trees do you have growing locally- that you might find a blowdown. blowdowns are good options, 'cos if the rootwad lifts when the tree falls it helps keep the main stem elevated- and will delay the rotting process significantly- i would avoid bug killed wood!
maple makes very good shafts too heavier- but you can possibly get high enough spines out of a 5/16 shaft- and of course the mahoganies- some mahoganies are from planted sustainable forests- some are old growth- you need to clearly identify the species to know.
http://www.wood-database.com/wood-articles/mahogany-mixups-the-lowdown/if i were in your shoes- with limited supply- i would look to ash and maple- both readily available, should deliver higher spines, and even though they have been kiln dried- they are tough enough that they should still make serviceable arrows.
what about poplar- i believe yellow poplar makes good shafts, and of course birch- we have the paperbark birch here- and it makes great shafts- once again check your species in your area- and ask the guys on here, there is a lot of experience on this forum- talented people pushing all types of natural materials to the limits!