Don't know much about the difference between glues; but there is sufficient differnce between redwood and pine.
Redwood get brittle when dry, pine split / check when subject to repeat wetting and drying.
Redwood is very light in weight, pine is heavier.
For the same dimension, pine is stronger....etc.
That are a few sites on the internet that can give you a much more detail spec on indiviual species. US Forestry is good place to start.

: Hello everybody,

: I have commenced with building a 17' skin on frame Walrus ala Putz and am
: making steady progress. I have decided to use redwood for the frame since
: it is readily available at a good cost and seems to have nearly the same
: properties structurally as pine.

: So my question is what to do about the glue for the frame. I was going to use
: epoxy but got to looking at polyurethane glues which are much cheaper and
: seem a bit easier to work with. Does anybody have any experience with
: these types of glues for the frame on a skin on frame boat? I am concerned
: about how these glues hold up in water as well as their overall strength
: properties. Is this an area that I should be skimping on?

: So far everything is going well with the forms. I scaled them down a bit to
: use less plywood. Im enjoying the process thus far and appreciate
: everyones advice.

: Best regards,

: Kirk