Mine is a question not on how to install either but on whether I can have both MySQL and Redis-Server on my Ubuntu 12.04 machine. I need both for different projects, any help forthcoming will be highly appreciated.
You shouldn't have any problems running both of them on the same system.
Security and encryption has been one of the issues with Redis. In their latest release they have probably taken care of it. http://blogs.alachisoft.com/ncache/a-good-redis-alternative-open-source-distributed-cache/