I've made two bows of red oak; the first one (my first attempt at a bow) failed after about two weeks. The second is going strong.
Here's another good site with tons of information:
http://groups.msn.com/ferretsarcherywebpage/buildingbowsfromboards.msnwThere are several more.
My advice is to keep your design simple. A "bend in the middle" design is very simple, and puts less stress on the wood than one with a built-up handle.
Second, use a backing. It's very hard to find a "perfect" piece of red oak; you're almost always going to get at least one grain "run-out" on each limb. A backing will prevent failure, and prevent injury if it does fail. I used silk for mine; linen is just as good.
Old pure-silk neckties can be had from thrift shops for a buck or two, and they work great. take 'em apart with a seam ripper or sharp pocketknife, and glue on with plenty of Titebond.
After roughing out your basic shape, remove wood with a 4-sided rasp or Stanley "sure-form" rasp. Use this ONLY for the rough work. When it gets to the point that you can "floor tiller" the bow a bit, work carefully and slowly with the 4-in-one rasp and even scrapers.
Plan on spending some time at this; but it will be worth it. You cannot replace wood!