Jon,
It should work just fine as long as it is good and flat. Hopefully, your red oak is straight grained and at least 6/4 (1-1/2") thick. Your biggest disadvantage is the thickness of the MDF -- if is is an old piece of counter top, then it may be too thick. I've made my crosscut sleds out of 1/2" Baltic Birch plywood because I didn't want to sacrifice the thickness. I used Hard Maple for the front and back fences on mine, but oak is fine.