First off, congrats on the new addition! I have a tank up and running and will be getting my first octo tomorrow...CAN'T WAIT!
You should checkout TONMO.com, it's a great resource for information regarding keeping cephs. There are multiple threads with tidbits on lighting, feeding, tank setups, etc. I have found it very helpful when setting up my system and preparing for my octo's arrival.
In regards to the red lighting, from what I have read, it's not necessary. Most of the octo tanks I have seen have normal lighting, maybe not super high powered, but normal nonetheless. I have set up my tank with a powerglo flourescent bulb (
http://www.drsfostersmith.com/product/prod_display.cfm?pcatid=3816) and have some blue LEDs, similar to what you're getting, coming in the mail. I plan on keeping a few other things in my tank so I want a good viewing light. There is a good list on TONMO of what can be kept in an octo tank safely and what should not be kept (
http://www.tonmo.com/community/threads/tankmates-what-works-and-what-doesnt.12603/). So far I have my tank set up with a ric, neon green feather duster, hitchhiker brittle stars, red serpent star and maxi mini nem (although will probably remove this to another tank at some point). I think I will be adding zoas. more muschrooms and rics, and some sun corals down the road.
I hope this provides some help and I will be following along so that I can deepen my knowledge on an octo tank as well. Best of luck!