Hey Joeworm,
If fresh is what you can find, that will work just fine.

You can go down to 1/16" without too many problems. Just be aware that the higher the percentage of small particles you have, the higher your water retention will be, and the higher the chances that your mix may perch some water. I personally use:

4-1/2 part pine > 1/8"
1/2 part pine between 1/16" - 1/8"
1/2 part turface > 1/8"
1/2 part turface between 1/16" - 1/8"
1/2 part perlite > 1/8"
1/2 part perlite between 1/16" - 1/8"

You certainly don't have to go about it this way, many people will just use everything > 1/16", however, with this "formula" I ensure that only ~20 percent of the mix is 4 part pine > 1/8"
1 part pine between 1/16" - 1/8"
1/2 part turface > 1/8"
1/2 part turface between 1/16" - 1/8"
1/2 part perlite > 1/8"
1/2 part perlite between 1/16" - 1/8"

If you don't use turface in your 5-1-1, no worries. You can you peat of course, or if your looking to minimize your pine losses even more, just use what DOES pass through the 1/16" screen as a replacement for that fraction of the mix.

Have fun with it!

PJ