More or less, yes.
Most people, myself included, find it easier to just pay back the same/other involved credit card with the redcard.
If redcard changes and no longer accepts the prepaid debits as reloading, just take it to a grocery store, buy a money order (money order can be bought with pinned debit cards), and deposit it to your bank. Usually adds around $.75-.89 per $500. I prefer buying MO ~$498, so MO+Fee<Prepaid balance of $500. Swipe the remaining $1.25 or whatever on some random transaction as credit and it should autodrain.
I would get comfortable with MINIMUM two methods of cycling money before you try to do this seriously. Start slow over one or two months, try cycling ~$2000 over two separate methods (Redcard and MO are accepably different enough) per month.
Keep careful track of each card purchase, including when, where, how much, and an indicator of which prepaid you bought (I keep track of the last 4 digits of all cards involved in purchase, use, and draining). I also keep all receipts and packaging. This saved me once on $500 when a card didn't activate properly at first. Keep track also of where you drain the card, and if you're doing MOs, where the MO is deposited. I have both an excel and physical system for making sure I don't lose any card with remaining value on them.
I currently have ~$10k of floated money in bank accounts, and ~$12k of floated money in various prepaid products. This is a bit higher than I normally do, as I am trying out some new strategies, getting comfortable with higher volume, and gearing up for a new opportunity I will be taking advantage of in 4 or 5 months. I typically pay my CCs before the statement posts so the statement balance is zero, and I show little to no utilization on my credit reports.