RE: Red Wing Hunter set up
The bow will take an AMO 58" B-50 string. Never use any of the fastflight type strings on that, or any other, old bow. The bow's limb tips are not built to withstand the strain of using non-stretch strings and could shear off with that type string.
Brace height for the 58" Red Wing Hunter is between 8-9". If your draw length is around 28", and your arrows won't be any more than 29" long, Easton 2016's oughta match right up. If you want to shoot cedar arrows, then I'd probably be inclined to recommend some in the 60-65 spine range.
I'm not too hot on the idea of shooting carbon arrows from vintage bows. Just seems inherently proper to shoot the types of arrows that were around when the bows were new. So I won't recommend carbon.