Redis works like single-threaded application, it forks additional threads for e.g. I/O. So I would say that it could work one core per one redis instance just fine. As you still share some resources on multi-core computer among cores. So you can barely achieve same performance, but I don't see problem here.
The problem could appear once you would switch "durability" on to allow persistence to you hard drive. Even if redis itself uses new forked thread to provide persistence, I don't believe that it would not hurt performance a lot for loaded system.
As I've already said, it could work pretty well w/o persistence.