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Nice looking piece of wood.
I've heard reference to the "red pad" before, but I don't know what it means. Are they just older?
I have an unfired 9.3X74 (NIB) that I bought on a whim and a No.1 B in .243 that my daughter used in Africa.
The original No.1's came with red recoil pads, this was changed later. The older ones usually have better wood as they were kind of a luxury rifle when first introduced. Many people say that they also had better fit and finish over the later ones but I don't have enough experience with them to judge.
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Re: Ruger No. 1 slowly disappearing?