Arlene - That sounds like a very good mix!
I use pine fines and some dirt mixed together with slow-release fertilizer and alfalfa and some lime (because the pine fines are acidic). And I've been know to sprinkle just a little worm compost in for good measure. All I know is that it works for me. Better than anything else I have used. I do mix Fafard in with pine fines if I am growing anything in a container. Digging up anything planted in pine fines is so easy compared to digging in the ground in my yard. The daylilies have done well in that mix. I do have another bed with more dirt and less pine fines and that bed of plants seem to struggle. I imagine the dirt compacts too much when watering. So I have learned by trial and error that a bed of "mostly" pine fines is the way to go for me here in Florida.
I never thought that redwood would make a good mulch/soil amendment, but I suppose if it was ground up to a fine mix, it would indeed be a good wood to use.
I actually think of pine fines as decomposing natural wood. Most lush forests have layers of decomposing wood that the plants are growing in. Using pine fines just speeds up the process because being ground up, it decomposes much quicker. And the earthworms love it, too! Which is another good thing to have in a garden!