There is a guy local to me that blew the engine in his Redeye this fall as well. He had 3.17 upper, 10% lower, and was tuned on race gas. His mods weren't installed for all that long, so he couldn't have had too many runs on it. Makes you wonder how strong these Redeye engines really are, apparently not strong enough to take much power over stock.
My Redeye currently has a 3.1 upper on E85 and has been 9.70 @ 143 mph. I'm seriously considering upgrading the bottom end now before it pops. If I'm doing the bottom end, then I think why not add a cam, and why not the heads... maybe I would have been better off keeping it stock, lol.