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RP! You have a good handle on what the image needs. There are about a dozen ways to remove the red eye. You can use the red eye removal tool in CS2 or just select the red are and desaturate. I used the channel mixer to maintain some color instead of leaving a black hole.
For the glare, you can use the Clone Stamp tool at reduced opacity or you can just select an adjacent skin color and paint over the blown out areas with a soft brush at reduced opacity and in color mode. I added a little contrast - you can use a Levels or Curve adjustment. Finally a very small amount of sharpening seemed in order.
Regards, Murray