I'm not talking metagaming.
There's no such thing in the Order of the Stick. All the major characters are well aware that their world runs by the 3.5E D&D rules. Heck, Redcloak has actually pulled out physical D&D books on occasion. Vaarsuvius went for weeks without trancing because the rules didn't say s/he couldn't. In "Origin of PCs," Elan tried to bribe some captured goblins and they laughed at him; then he pointed at them and declared he was making a Diplomacy check, and they instantly became fawning and servile.
If Redcloak doesn't get any penalties in terms of the game rules, then having only one eye is not going to reduce his effectiveness in any meaningful way.
Redcloak could find another master, work on a surprise, something. Xykon doesn't know a lot of Redcloak's reasons for hooking up with him in the first place.
If Redcloak were going to do that, he would have done it already. He would have destroyed the phylactery after Roy threw Xykon into the Redmountain Gate. The thing is, Redcloak has made tremendous sacrifices in the name of his alliance with Xykon; and he's the sort of guy who can't walk away from that... and Xykon knows it very well.
I say again: If Redcloak didn't turn on Xykon after the events of "Start of Darkness," losing an eye isn't going to make him change his mind now. Remember what Xykon said to Redcloak at the end of SoD. Nothing's changed since then.
(What might change things would be Xykon directly or indirectly bringing about the destruction of the fledgeling hobgoblin nation in Azure City. After all, Redcloak's whole raison d'etre is to establish a goblin civilization. If he betrays Xykon over a lost eye, then his sacrifices in Start of Darkness were for nothing; if he betrays Xykon to save the hobgoblins, however... that's another story.)
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