People might also say "Tässä näin" and "tuossa noin" to make similar emphasis that 'right' does in this kind of context.
Am I correct in saying that this sentence sounds a bit redundant? Stating the obvious? Or is there some subtlety of meaning that I'm missing?
It's just to emphasise the difference between "tämä" and "tuo" and " tässä" and "tuossa", I guess, which some learners do struggle with. However, you could of course just say "tämä veitsi on tässä ja tuo tuossa" and it'd mean the same thing.
Wouldn't over there be correct? (As in la bas in French)
"Over there" would be "tuolla". Tuossa is a little bit closer than "tuolla". (And about French I don't know, sorry! En osaa ranskaa :D)