I didn't notice the color of the fluid being red. Appeared to me to be more oil color (i.e. light tan).
I cleaned up the oil, put in fresh air filter and new PCV valve. I'm going to keep an eye on it for a while. If happens again I will reopen this thread. I will try to remember to get back to you in a week to let you know if it solved the problem. If I don't you can email me at email@example.com
If I'm understanding where the trans vacuum modulator is located it sits right on the side of the trans with vacuum hose that runs up to the intake. I did notice that there is a brand new bright shiny modulator that was installed after transmission was rebuilt.