I love the red but you gotta' strip the decals and underlying markings before you paint it.
I wanted to do an "Enemy Ace" Valkyrie, painted blood red like the comic character with German markings. Yours is already remarkably close to that!
Also, for a tip... You should:
1) Sand the heck out of everything.
2) Base coat in white (so you can get the white markings to show up--trying to paint white over the red will be really hard.)