"Can you tell me more about the insect killer as a coral dip? Have YOU tried it? What dillution?"
Duncan7 - check out the link here. I've used it personally, but only on SPS. I have not tried it on other types of coral. I just take about a cup of saltwater from my tank, drop about 2-3 ml of the insect killer in it, mix up the water really well, then put my coral in it for about 5-10 mins, then pull it out and dunk it in another cup of saltwater from my tank, wait another couple of minutes and then put it back in my tank.
http://web1.reefcentral.com/forums/showthread.php?t=1965880
For red bugs themselves in the tank, interceptor is the best trick once they are in your tank. The dipping helps to not ever introduce that into your main tank and have that problem.