Well I am not sure about smaller hooks as I haven't used many but for large hooks the red can make a difference for specie I fish for. Side by side a red hook can out fish nickel big time in low clear water for steelhead. Black nickel has proved even better. Might be a sight thing, maybe reflective index, who knows. I do know I have caught trout in a local lake on a bare black nickel hook and never on any other color.
The only reason I can see a red hook being better is that the fish can't see red after 10-12 feet anyway. This will make it vanish from site in deep water. Could it make a difference, maybe in clear water where the fish might see a reflection or glimmer of an off color and be turned away. Once the red starts wearing off it doesn't matter though, would it.
I love taking my kids fishing, now if I could just manage to fish at the same time.