Yes, welcome to our merry band! That is widely considered to be the finest one piece, therefor wooden not part metal, target bow ever made. It almost completely dominated Olympic and high level target archery in the 1960s and early 70s. After that it was superceded by a metal handled three piece version. Yours is one of the later ones.
The red thingy is the base of a draw check device aka 'clicker'. It would have had thin steel spring extending down and clipping over the front of the arrow. You would adjust it to slip over the tip at full draw, triggering you to release the arrow.
I have owned several Pro Medalists, still have some both one and three piece. They are my favorite recurves, but my heart belongs to my longbow. The one piece all wood ones are a bit lighter in the hand, so easier to raise and hold at arm's length. The 70" ones shoot best and most were made with draw weights in the mid-thirties. There is no better bow for developing your archery form. Bowsights can be added by I do not.
The best arrows for yours would be of aluminum, with target points, 1916, 1914 or 1816s, depending upon your draw length. That is what they were designed to shoot, to 100 yards. - lbg