Red Gum is a great timber, I turn a lot of it as part of my day to day income but I'm not too sure if I'd want to use old house stumps in my boat. I use quite a bit of old fence post material and while the timber that was underground is very attractive it is usually not very strong... If I were to use an Australian timber for the keel, stem etc. that was similar but more "Nautically friendly" then I think I would be more inclined toward Jarrah. of course you could go the whole hog and do it in Huon.......
Bald, ugly, not too bright but incredibly sexy!