Carobone,
Happy 4th back at ya!
Bloodgood isn't a particularly good Japanese Maple for bonsai, unless it is really big. I say this because for bonsai use it has large leaves that don't reduce well and long internodes that are also hard to shorten (whether by pinching, trimming, pruning, hedging, defoliating, leaf reduction or any combination of all the above, or various interpretation of what they may actually mean or what the actual technique really is). Since it has large leaves and long internodes, a large trunk and strong root base helps by bringing them sort of into scale. There are better Japanese Maple candidates, including just the plain old species, that I would use before trying a Bloodgood.
Regards,
Martin