At very high speeds, pushrods bend, and sometimes stay bent.
At somewhat lower speeds, springs surge, and valves bounce.
None of that is good for an engine.
Redlining it once in a while is not guaranteed to damage your engine. Some of them have quite a large safety margin; some don't. Nobody will or can tell you exactly how much you can get away with, with your exact engine.
If you try redlining your engine, you will probably notice that power falls off before you get there anyway, so in a street vehicle, you'll get better performance by shifting a little below the redline anyway.