When this card is destroyed by battle and sent to the GY: You can Special Summon 1 Level 7 or lower "Red-Eyes" monster from your Deck, and if you do, equip this card from the GY to it. It gains 300 ATK. If this card is sent to the GY while equipped to a monster: You can add 1 Level 1 Dragon monster from your Deck or GY to your hand.
The Machine-type Cyberdark monsters can equip Red-Eyes Baby Dragon in your graveyard giviing themselves an attack boost. When the equipped Red-Eyes Baby Dragon leaves the field you still get to activate its search effect.
Red-Eyes Slash Dragon can send an equipped Red-Eyes Baby Dragon to the graveyard to negate your opponent’s targeting effect. This will then trigger Red-Eyes Baby Dragon’s effect, letting you search a level-1 Dragon.
You can send an equipped Red-Eyes Baby Dragon to the graveyard with Release Restraint Wave to destroy all Spell/Trap cards on the field while simultaneously triggering the Red-Eyes Baby Dragon’s effect.
Here are the monsters you can search with Red-Eyes Baby Dragon’s second effect. Since most of them are Tuners this could help you make some Synchro plays.
but there is a Red-Eyes Alternative Dragon! it's brand-new on OCG. So bad it lacks some effect while on the field or be treated as a Red-Eyes Black Dragon monster when on the field, but either way it ressurrects your vanilla Red-Eyes with 4800 atk points!