As a colour shade the red is actually pretty nice. On the way to work I pass a red and white 86 parked along a street and to be honest, as long as you keep either clean (like these owners do) then they both look spectacular. With the two side by side the red is way more attention grabbing.
Red does stand out, but then the twins generally always stand out irrespective of colour. I don't believe in any colour being a cop magnet.
My last car was a local 2001 Monaro, known state side as a GTO. I called it the flying Jaffa as (much like the chocolate) it was a bright bloody shade of orange/red and black/orange on the inside.
I never got singled out and randomly pulled over unless I was doing something silly.
The only thing I was worried about, with having a bright colour like that, was where I'd park it and if some low life would key it. Yes one did key the bumper, necessitating a respray, but then there are people like that out there.
My advise is to take a holistic approach thinking about what sort of mods you plan to make and how they will look with your chosen colour.
I intend to go a white 86, white ray's rims, shark fin antenna, dark tint, red resprayed brake callipers and the full local TRD body kit (the large wing one), toms brake lights and have mat blacked out badges all round.
If I went the red I'd do the same but go for some nice bronze / gold rims.