Last year while Crappie fishing I tied 2 jigs on at once. One with the red hook and one with a normal hook. Red hook 3' deep bronze 4' deep. I caught 3 more crappie on the red hook. I then retied, swapping the hooks depth and jig color. I caught 2 more crappie on the bronze hook.
I think jig color and depth are more important. How ever I still have the red hook jigs in my box, once I run out, I'll not pay the extra.
However, my brother-in-law and I are working on an idea for a red flashing light in softbaits. So far, the reuslts have impressed me. As we get this idea hashed out more, I'll be able to explain it better.