Pat, I have never had good luck with red elm. They all take so much set, in the range of 3 inches, it's disheartening. I've over built them, dropped weight, and heat treated till its black. I don't know what your experience is, but if it were me, I'd put a lot of reflex and heat treat it to the point of obscenity then sinew it.
I see you want a simple bow but thats just my offering of experience. Still watching with interest.