There aren’t really any good guys, and bad guys in Redwald just lots of people lusting after power. It’s a common enough set-up. The characters are flawed anti-heroes with a shady past in the employ of an ambitious patron they might not like and really shouldn’t trust.
Of course, you could play it straight if you wanted, the characters could be like a delta team in the employ of a ‘noble’ lord, only targeting the baddies. Personally I think that would be a bit dull, but you could do it that way.
Still, I doubt any OSR gamers will have problems with moral grey areas. I don’t think I’ve ever run, or played, in a D&D game where the players didn’t cut the throats of every Kobold caught in throes of magical slumber, or casually slaughtered any Orc foolish enough to get himself captured or surrender.