If you both had the same gearing, I think the higher redline would give you an advantage for drag racing, as it lets you spend more of your time in the lower gears. For example when he shifts from 2nd to 3rd, you'll still be winding out 2nd gear for another 2k RPM or so. The lower gear ratio means you'll be accelerating faster. Until you shift, at which point you'd be accelerating at roughly the same rate again... until he shifts to 4th and you stay in 3rd for a while longer.
With the different gearing, I dunno... if you have to do one more shift than he does (e.g. if he can finish in 4th and you have to go to 5th), that would eat into your advantage.
But, starting from a random speed, ending at a random speed, I have no idea. I'll let someone else tackle that one.