Redheads are not approved anymore on residential houses. What you want is called a Titen hd bolt. That is what is required now on retrofit straps and hold downs. You probably can't get them at a home improvement place but you can at any lumber store. They are a threaded bolt. So you drill the hole and then tighten the bolt in with an impact wrench. 1/2" would be great but 5/8" would be no question. And you don't have to worry about any extra bolt sticking up. It's just the hex bolt head.
I am not familiar with "red heads," are the the same as quick bolts? at least thats what we use to call them. I used quick bolts all the time when setting big steal stairways (concrete treads bolt pre cast treads and also a pan set up where the concrete was poured into the steel pan of the stairway), railings, landings, columns..... we always used them when setting anything into concrete that had a baseplate. I have used the titan bolts also, they work good but I preferred the quick bolts personally, maybe thats just cause they were faster. I would have no problem using them to mount a basketball hoop set up if I had the chance to.
Like Tonkaman said, if you decide to move the hoop later and go with the anchor (quick) bolts, drill the hole deeper so you can pound them in and not have to worry about cutting the head off and or grinding it smooth.