First of all, red oak isn't THAT bad. It certainly shouldn't be relegated to a "practice wood." I really prefer working with it, right alongside osage staves. Sure, it's got a relatively low (but tolerable) specific gravity at .57-.63 depending on the subspecies. But it's cheap, plentiful, tools easily, responds well to heat, and can be made into a very good shooting bow with little set. To each bowyer his own, I guess.
Regarding building a takedown, I have built some serviceable takedowns from red oak. I didn't take any pictures of them 'cause I thought they were kinda ugly! However, here's the pictures I got the idea from. They're taken from the Kunst-Griff site. It's a little cumbersome to take down, but I find them fun to build and kind of a neat, rustic little piece when they're finished.