Absolutely, that seems fine. This (flare gun/ distress pistol) is certainly a case where a redirect would be helpful.
"Creating redirects is helpful when there is more than one possible title for a page, or many different ways a user might search for a topic. Creating redirects for potential titles helps your users find the existing page, and also helps to prevent the accidental creation of duplicate articles" (Community Central - Help:Redirect).
By the way, thanks for all your recent help around the wiki!