Hrm...
I better step in here and explain what drinking does exactly.
Ender you've got figured out. It's hilarious. Enjoy.
Glowstone is indeed Run, Jump, and Night Vision buffs. A bit stronger than you get from walking through it.
Redstone....well....it strikes you with fake-lightning, though this counts as real lightning for a lot of purposes AND it increases the level of ALL effects, good and bad, that are currently on you by 1 (up to 4 I think), and doubles their duration, up to 8 minutes.
TL,DR: Drink Glowstone and then 5 Redstone. Yeah, you're out 50 redstone dust. No, you won't care.