Acetone makes Ed's Red a more powerful and faster acting cleaner. You can leave it out and Ed's Red will still work, although it won't be as fast acting.
If you use the acetone, be careful what kind of plastic bottles you store Ed's Red in as the Acetone will attack some plastics. I personally use some metal canisters I got via mail order. The Acetone may also attack some finishes on gun stocks, so wipe up quickly if you spill any.
Ed's Red with Lanolin added is a very good general purpose CLP. I have found with really difficult carbon and metal fouling Butches Bore Shine or Shooters Choice works better.