Is it ok to hit the redline?

Torque is how fast you get there.
Horsepower is how fast it is going.

Best thing to do is stay in rpm range that has highest amount of torque. If you have run out of torque your speed is increasing a lot slower.

 

I cant believe I just sat and read this whole thread.

 

The redline on this particular engine is not an actual redline. The 2GR-FKS is able to go far above 6250rpm with zero damage. The only reason the tacoma redlines at 6250 is because over that rpm the torque and horsepower drastically drop off due to tuning fuel etc. in other applications this engine has a redline around 7500rpm.