You can't just "make" a blu-ray compatible player. You need a BD license and that is something you must ask Sony for, think about that.
And to make a optical discplayer which use a compression codec not found in the BD specs means you have to make all you’re "secrets" available to Sony and Panasonic and the rest of the blu-ray "boys" so they can vote fore or against allowing this in the BD specs.
Blu-ray didn't win the format war because of technical superiority but because they manage to gather up Industrial support for a protectionist strategy to get the control of the (possible) future optical disc media marked against the Chinese consumer electronic manufacturers (CEM) that has had the control of over 95% of the DVD hardware production.
That's also why Toshiba lost, because their strategy was to continue working with the Chinese CEM and had a superior strategy to make the consumers transit from SD to HD. If Toshiba had gotten support for this, the production of standard definition DVD players would have stopped last year and all new DVD players would have been HDDVD players.
If the need for larger capacity optical discs should arise for RedRay, RED can easily get inexpensive blue laser drives in China where they have just released the Chinese equivalent to HDDVD called; China Blue High Definition (CBHD).
This format is a development project between Toshiba and CEM and Chinese Universities through the DVD Forum (where Sony, Panasonic, a.o. tried repeatedly to vote the project down).
The only difference between HDDVD and CBHD is the codec called AVS which is developed by Chinese Universities and in that way gives the Universities licensing income from sale of CBHD.
The reason for this was twofold.
One was the previous mentioned incentive to have the Chinese CEM stop/change over to only produce blue laser DVD players.
The second reason was to give CEM, Universities and thereby the Chinese government an investment incentive and interest in «crack down» of pirate discs production and protection of the optical disc format in China, because pirating would hurt the licensing income to the Universities and thereby the Chinese Government.
The CBHD format will use the SL15GB and DL30GB discs, but if the format is successful they surely will start to use the Triple Layer 51GB HDDVD disc that was finally approved by the DVD Forum last year.
The discs can be produced/replicated on existing DVD replicator machines with a small add-on just like HDDVD.
(who in their right mind would make a nearly identical optical disc format to DVD that needs billions of dollars in investments to build a new disc production platform from the bottom when you already have the facilities running that could be used to produce discs for a nearly identical HD disc format??

)
HDDVD was the most thoroughly thought through consumer format to date. Both technically and strategy, and in many way far superior to BD. But lost the out to Sony's far better salesmanship via their connections in Hollywood with Sony Pictures, broadcast cameras and a English CEO that had his connections from working in NBC. Add in Panasoic's connections in broadcast. Between them they managed to drum up enough support in the content industry. Even Warner they managed to turn, the company that initially managed to get a very sceptical Toshiba involved in developing the DVD HD format.
I can imagine what the Toshiba leadership felt when Warner without prior warning dropped HDDVD on the morning of the HDDVD press conference of CES 2008.
So if RedRay should need BlueRay drive; they are available in China without fiddling with the blu-ray boys.

(but I don't know really why RedRay would have a need for this)
I just end by quoting one of the longest supporters of Blu-Ray and which strangely have not yet released any BD Apple hardware : Steve Jobs; «blu-ray is a bag of hurt.»
