I would think that the red chutes, were used because the supply of Select A Chutes had run out and they still had kits to package. ( kit's from the 1990's packaged in a bag with header card with instructions on back).
Although I have built and flown several FSI Rockets over many years ,
I am not as up on every thing like you guys are . Estes and Centuri were the two main Model Rockets to be found locally where I lived as a kid, I found out about FSI Rockets like this:
My older brother had a Estes Cherokee-D , nothing myself or any of our friends had could out fly it. One early summers day, I went for a bike ride into Utica Michigan, there was a new hobby store in town and I wanted to see what they had in the way of Model Rockets. I left the store with a FSI Penetrator and three E5-6 Engines. My brother or myself or anyone else didn't know what was coming.
the Cherokee was left in the smoke trail as the Penetrator flew by and climbed at least another 1500' OH how I love those long burn E5 and F7 FSI Engines, I wish someone would put them back into production.