No, I haven't but the best thing to lower bad cholesterol (LDL) is to make sure your good cholesterol (HDL) is high enough: this means eating foods high in Omega 3 and 6. If this red yeast rice contains these it's worth trying. You can get these Omegas in certain oils, fat spreads, oily fish and rabbit (amongst other things)
My husband struggled to lower his cholesterol, although he was eating healthily. I started to buy Benecol spread and low and behold it worked! It isn't cheap, but very easy to do!