Formica would not work. I highly recommend you get and read Volume 1 of the Traditional Bowyer's Bible, particularly the chapter on design. It will really help in understanding the qualities needed for good bow material.
It is very common to miss weight on your first few bows. Backing them is a bandaid. It can work but while you're learning, it is best just to start another bow. Go back later and make your mistakes better. But for now, you will learn more just moving on.
Don't expect your first few bows to be good enough, shoot well enough and last long enough to hunt with, especially with red oak.
At the risk of offending its devotees, the best thing about red oak as bow wood is that it is cheap and available. But so was this girl back in high school. And I didn't marry her