So far I have had only one red oak board survive. But maybe that's because I only used red oak when I was starting out. Man, you'd be a lot happier if you went to a hardwood shop and bought something like white ash (I've had good success with ash), hickory (which you'll need for backing anyway) or something like that. I know it's easier and cheaper to get a red oak 1x2, but it's not really any cheaper if all you get is a pile of oak scrapings and a heap of shattered bow limbs, is it?
That being said, now that I know a bit more about this, I might try red oak again. I did have one success, a recurve about 5 feet long, over a year old and still shooting. I gave it to some kids, but I imagine they still aren't strong enough to pull it!