The red bumps and irritated follicles are really small, superficial infections right around the hair follicle.
Try this method: use hair conditioner instead of shaving lotion. It works WAY better, and you can use the cheapest stuff you can get your hands on (I used to be able to get White Rain brand for $.99/20 oz bottle! Worked fantastically.) Smear the conditioner on WITHOUT wetting the skin. Shave as usual. If you are doing large areas (your entire leg perhaps) and the conditioner seems to be drying out, I found a tiny bit of water makes it super slippery again. And you can go over an area with the razor several times and it stays slippery.
To keep the irritation/infections away, use an anti-bacterial deodorant on the tops of your thighs (works great for the genital area as well). I typically use an unscented gel type deodorant and literally just smear that all over the tops of my thighs. No red bumps, no irritation, problem solved. Works anywhere you shave (haven't tried it on my face, but then I don't get irritation after shaving there anyway.)
But don't believe me, give it a shot the next time you shave that area.