Peter anytime lumber is described as green it usually means that it hasn't been dried. Redwood wouldn't be my first choice for a stretcher. It's a soft wood that is normally used for outdoor applications because of its weather resistance. It can also resist glue adhesion because of its natural oiliness. IMO pine or D. Fir would be better and maybe cheaper. Redwood tends to command a good price here.
I used the bolt and cross dowel for my own workbench and it has worked perfectly for around 25 years. It's much simpler and offers the option to tighten it later if needed. A glued tenon joint doesn't give and racking forces can break them loose, something you wouldn't have to worry about with the cross dowel and bolt. Joints that get stressed are often better with mechanical fasteners.
Someone I consider a master woodworker once told me that a master woodworker is not someone who never makes mistakes. He is someone who is able to cover them up so that no one can tell.