Red hooks can be more effective at TIMES....they aren't a silver bullet.First,it is true that red is the first color too fade too a gray,then black (with depth).Thats why they tend too be more effective on top water baits,or cranks that run 1-3 ft.Anything deeper than that,they are changing color on you.
Red hooks on deep divers,jigs and worm hooks are absolutley worthless unless your fishing extremely shallow.
The thought on red hooks is that it represents gill flash,not blood like some think.
Just my 2 cents..Nathan
www.Bettencourtbaits.com