Wowza Load Balancer offers good control of the balancing process (geo-ip, number of connections, bandwidth, etc.), so it is a good choice especially if you need fine control. However, it doesn’t offer any redundancy in itself. If you want to have a redundant setup, you need some kind of keepalive mechanism between two LBs. You could go with LVS with keepalived, or maybe HAProxy. These options don’t require the redirection, but instead offer transparent load balancing.
If you want to utilize the fine control of Wowza LB, but also want redundancy, you could even combine these two, by putting LVS/keepalived in front of Wowza LB. One solution for redundancy, although not a very good one, would be to use only two Wowza LBs with DNS loadbalancing between them.
One more option to consider, if redundancy is not an issue, is to use Wowza LB but not the redirection mechanism. Wowza LB offers the mechanism to query the LB via HTTP and get the least loaded server at that moment (the “host-specific” information). So, you could do this query from the webapp dynamically each time a client wants to connect, and generate the stream URL based on the reply from the LB.