Hi Nick!
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That Red Elm stave looks pretty good to me mate!!
IŽve eard that Red Elm (an American Elm species...) is very good for bow making so IŽd say you sould bring out a nice Warbow from that stave Nick!!..
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Just go slowly as is your first bow. Lay out the main profile of your future bow by drawing in directlu over the wood surface with a pencil (Wideness/ thickness frofiles).
Then, you sould be able to reduce at least the main ammount of unnecesry wood to allow the stave to lose some moisture that is still remaining inside it.
After you have done this firt step, IŽd let the wood alone for about one or two weeks indoors. Then you could continue with your work untillfinish it!!.
Keep us posted Nick!!..
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Cheers....
Asier.