Chris, I made my first laminated bow with a white oak riser (which was an older tight grained piece of wood) and it worked fine. I do think Red oak will work fine, bue I agree with Pat (other tighter grained hardwoods would be more appropriate). My first laminated bow with an oak riser was basically an experiment for me, but it actually turned out better than I ever expected. Now when I make bows I only use very nice laminated or exotic hardwood for the riser, because to me the extra $10 or $20 for a nice riser is well worth it after all the time and effort that goes into making a bow.
Best of luck!