Esp.Ra.De has some blood when you kill those men in black or the riflemen. Moreover, you get to kill a craptastic army of dangerous psy-loli-maid-clones during the last stage.
Same with Espgaluda and the soldiers that pop here and there.
Pretty much most of the alien bosses and other stuff from R-Type tend to explode in blood.
Seconding Homura!
The player characters in Radio Zonde and the old HellSinker used to explode in blood too... something you get to see quite frequently, especially in the former.
NOW REACHES THE FATAL ATTRACTION BE DESCRIBED AS "HELLSINKER". DECIDE DESTINATION.
There's plenty of blood and gore in Smash TV - one of the most brutal Shmups I think.
Also I've heard there is an extremely rare version of Homura with red blood in existence.
WTB: Arkanoid II Revenge Of Doh PCB, Outzone PCB, Fixeight PCB
most of the releases from Artesneit are great for blood. I'm not sure if Psyche Metal is by them, but I know that Galshell, hellbound, and the Yakouga games are (you can actually buy Yakouga 1, 2, and 3 from dlsite.com with a US credit card if you can navigate the site... I did with just a little help from babelfish and knowledge of katakana). I think Yakouga 4 is the best yet from them, but I don't think there is any online purchasing option for it yet.
Just google Artesneit and you'll see their site (they do have hentai content)