Anyone know if the 2.0 with a red cut out will allow the new Trijicon SRO to be mounted on the cut out? Is a special mounting plate needed? Any advice will be appreciated.

I guess you ment to say Red DOT cut out !! This may be a a Shield dot optic not a full size handgun and I heard the factor dot optic ismade by Shield made unit and only comes with a optic not like the old CORE with adaptors .
Call S&W CS and talk to them about the dot optic and base pattern . Might just have to use it as it is and down the road replace with a Sheild RMS or have it recut for brand XYZ

It has the same footprint as a Trijicon RMR so I would imagine it'll work. There's pics of an optic ready 2.0 in the following thread. It looks just like a 1.0 CORE mounting system.
S&W M&P M2.0 CORE Updates? - AR15.COM

T^his is from the bottom of the SRO page -
Note: The new SRO has an identical
mounting foot print to that of the
RMR Type 1 and 2