Hi Clay,
That's a good question. Wood makes a great bed for an engine. It's inexpensive, easy to work with, dampens vibration, looks traditional, is easy to modify and attach stuff to, and...and...and... That said, you gotta use the right stuff, which redwood ain't it because it's so soft, weak, and prone to fracture under stress. Because it's such a poor choice for structural applications, you'll commonly see redwood use restricted to exterior siding, decks, and fence posts. How come you're thinking redwood?. Is it because you need something that is rot resistant? There are better alternatives.
You need something you can bolt together firmly without the washers crushing the wood. Probably the cheapest and most common wood that is suitable is douglas fir. It's strong, resilient, holds fasteners well, doesn't crush easily and smells great when it's sawed. If you're in the southeast, yellow pine would (pun?) be a more common acceptable substitute, though I think it's a bit softer than fir. Oak and maple are much more suitable than any of the softwoods, and were commonly used for mounting heavy equipment in the last century..
Whatever you do, you have to make sure the considerable torque your 'roid generates with each compression and power stroke doesn't end up tearing apart your engine bed. For that reason, unless you use oak or maple it's a good idea to weld together a frame out of steel, and bolt or lag screw that to a wooden bed. That way, the various jitters and gyrations the engine performs as it does its thing will be distributed evenly over the surface of the wooden engine bed, and the mass and relative flexibiilty of the wood will largely absorb the high frequency mechanical vibrations the engine generates.
I made my engine bed from 3/8" x 3" welded steel angle, then lag screwed that to a 4x6" douglas fir frame made from a single 12' long 4x6. If you look carefully in the photo, you can see the steel angle frame protruding above the surface of the wooden frame. Oh yes, if you're going to mount your engine on casters, don't even think of getting casters with rubber tires. The thump-thump-thump of your 'roid will quickly pound rubber tires flat. Steel wheels are much more suitable and roll easier.
Clay, that's a nice mount for the ST-5 you showed in your post. Wish i had known those were available. Wouldnt have had to reinvent the wheel.
Quinn