You should be fine. Either works well for a stamina build. Wood elves get a bit more recovery, but red guards offset this by getting stam back via melee attacks. Wood elves get sneak damage bonus, and red guards get more total stamina.
For a DK, you'd likely get more out of the redguard. As a tank or tanky damage dealer you'll be in people's faces more and less with the stealth attacks. Redguard is still what I'm seeing as preferred race for damage stam dks.
Redguard gives more stamina, that pairs excellent with the base werewolf stamina increase.
Wood elves get a resistance to poison and disease. If you're going into PvP specifically, you get butt loads of regen and an answer to a big weakness. Plus, less disease dmg means softer incaps.