If you are looking for bombproof shafting, look into picking out some hickory boards that have crazy straight grain. You can always use a froe or a hatchet to split the board into square stock, insuring that there is just no grain run out at all. Then square 'em up a bit more with a thumb plane and heat straighten the square stock. Square stock is much easier to get really straight and it makes it easier to plane down to round when they are straight.
But I imagine oak would respond well, too. I've seen a few sets of arrows made from oak dowels from the hardware store (1 dowel in 50 had decent grain, expect to go thru a lot of dowels when picking and choosing)