I'm on the fence about this issue. While the Dimond Brothers make a compelling case ... and seem to debunk the instances of alleged papal approbation typically cited ... I think this can reduce to a semantics issue, i.e. based on how one defines "co-".
If understood in a subordinate role and in terms related to her being the Dispensor and Mediator of the graces obtained by Our Lord's Redemption, it could be acceptable.
Nevertheless, I agree with those pre-V2 theologians cited by the Dimonds that it can be misleading and provide yet more ammunition against the faith from Prots who would most certainly warp the term.
Let's say that Our Lord is likened to a wealthy man who sees a bunch of captive slaves held on a plantation. He gets the money together to purchase their freedom, but then sends a servant out there to perform each individual transaction with the slave owner. Who "bought back" (aka redeemed) those slaves? While it was primarily the wealthy man (Our Lord), he also used agents to do the material transaction. So the agent served as an instrumental cause of the redemption, i.e. the application of the fruits of the redemption.
Or, to simplify, if I take $20 out of my wallet and send my son to the store to buy some food, who bought the food? Well, in different senses, i.e. semantics, we both bought the food. I bought it because I provided the primary causes for it (the intention to buy it, the means to buy it, i.e. the formal, final, and some material causes), whereas my son also in a sense "bought" the food, because he went out there and transacted the actual purchase, serving as an instrumental and partial material cause. So I was the buyer, whereas my son was a (subordinate) co-buyer?
I think it boils down to three distinctions:
1) distinction between obtaining the objective Redemption and the application of the Redemption to souls. We know that all men have been Redeemed by Our Lord, but the fruits of the Redemption are not applied to all. Consequently, the term Redemption could be used in either sense.
2) the distinction between different types of "causes", whereas while Our Lord was the formal cause of the Redemption, Our Lady could serve as a material and instrumental cause.
3) sufficient vs. necessary cause. As we know, even a drop of Our Lord's blood sufficed to Redeem all of mankind, but He engaged in a superabundance of Redemption, which are nevertheless properly part of the Redemption, and Our Lady could in fact be part of this extension of the Redemption.
Our Lady was in fact a necessary cause of the Redemption, since without her "Fiat", Our Lord would never have entered into the world and therefore could not have Redeemed mankind ... so that's another aspect in which she could be understood as a participant in the Redemption (albeit in a subordinate role and not as the formal cause thereof).
So all these distinctions would need to be explored, even though in the end, I'd be against defining the term due to it easily being misleading and being misunderstood.
Also, let's not confuse believing this term inappropriate with somehow diminishing the honor owed to Our Lady, any more that it would diminish her honor to reject the thesis of those who claim she's a 4th Person of the Holy Trinity. I know there can be a knee-jerk reaction because the Modernists like to withhold titles from Our Lady for Ecuмenical purposes (not to "offend" Prots who often hate Our Lady), but it's important to separate this from that kind of motivation.