Photon and RedBearLab Bluetooth Compatible?

You usually can use the samw sensors as on Arduino as long you are considering the 3.3V on Photon vs. 5V on Arduino.
Your particular sensor should not be a problem there.
You might have to consider that WiFi and Bluetooth/BLE use the 2.4GHz band, so you might get rare inteferences.

When you ask for a “better” module, the upcoming RedBear Duo might be interesting.
It has both radios on board and is “Particle powered”

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