I have a project that I am working on that requires the use of the Mysql Connector for NHibernate, (Mysql.Data.dll). I also want to reference another project (Migrator.NET)
That's a pretty gross version mismatch. bindingRedirect is not going to help when the versions differ so much. You got it wrong btw, you'd want newVersion to match the one that was found. But don't go there.
Looking at the Migrator.NET download, I think I see the problem. The lib folder contains a really old version of MySql.Data.dll, it was made to run on .NET 1.0. Start by zapping it and try to rebuild with version 6 of that assembly. Good luck, I think you'll need it.