I talked to linksprite tech support about my problems and they tested the boards that they had in stock. They said that the silk screen has a print error and there is no 5v output on the RedBack, only 3v. However when using the FTDI breakout to power the board it does do 5v output.
Hopefully posting this here will help others that might be using this board. When my replacement shows up I will test the output voltages on both the 3 and 5v output pins using the RAW input power pin and the FTDI power.
Thanks for all the help!