I'm not sure if the electronics will permit it, but I havent tried it to confirm... If you end up downshifting manually, you can mechanically overrev the engine as well. IE, downshifting into 2nd gear at highway speeds. There is no fuel/timing for the limiter to cut, and the drivetrain is taking the engine past the redline. I would guess (but not certain), that the ECU prevents a manual downshift that would take you past the redline.
This seems to be an industry standard. My diesel F-350 is a manual tranny rig. The only way I can over rev the motor is by downshifting into too low of a gear. I have protection on acceleration, but there is nothing for deceleration.
I could see how momentum could carry an engine past the redline, but I would be very surprised if it's more than 1000 rpms. What's the redline on the V8 again?
J.D.