Prof_PP wrote:is it a wasted effort and I should wait for SFS 2.x to be completed?
SFS2X is already complete. The RC status is due to the documentation being still "work-in-progress".
Anyway, you may try to install Red5 separately and use the SFS_RedBox webapp distributed with SFS2X (the old one doesn't work with Red5 1.0 due to a different logging system). That should be enough.