Welcome to the club! If you browse around you'll find out all the problems people have been faced with, and their solutions.

As for the red lining and what not, sometimes it's a good thing to give it a little extra love to the gas pedal... It cleans out a lot of the gunk and build up, any good mechanic will tell you to give it a beating once in a while. As for the timing belt my friend, it's an issue we all fear but some of us are past our due dates on the original belts with no problems while others are having failing belts way early. So here is my advice, have all the belts checked, all the fluids topped up and checked, and since it's a 2004 might as well do the spark plugs and air filter too, oh and oil change. This will have you a clean smooth running car, and it'll take a lot of sweat off your back.

Good luck!