One more thought on this MVR cowling issue... As far as I know, all the machines were completely factory-painted in green. It might happen that the red paint was field-applied (and therefore we get "overpainted" look)?
Another idea, that
"It may have not been red but simply the green that had a patina of the castor oil exhaust covering the surface" seems unprobable to me - don't believe that the whole area behind the cowling was completely and uniform covered in castor oil...
BTW - nice wood grain, Sreiko! I'd go for the olive green myself - have one 1/72 Eduard 425/17 in stash