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If Red Thirst is in effect for taking the formation, does it mean that a model with a power fist can swing at initiative 2 when it charges?

Check how multiple modifiers work in the Rulebook. The answer should then be very clear.

"Multiple Modifiers" is found on page 8 of the Rulebook.

Note, however, that Unwieldy (page 174) doesn't actually change the model's Initiative, it just ignores it and states when the model Piles In and fights.