Wow - this one will be tough.
If you don't do a really good job removing the red - any nick or scratch on the blue will show the red through. That will look pretty rough - and you are bound to get various nicks and scuffs on it during assembly, service, and use.
You also need to know the nature of the red paint (enamel, lacquer, urethane, epoxy) so that what you put over it in any areas that it doesn't get fully removed doesn't lift with the blue paint.
I would say you would be best served to seal up any openings and possibly wash it down with thinner/reducer made to cut the type of paint that is on there and see how much of the red will simply dissolve and wash off. You might even try buying a case of brake cleaner spray and see if that doesn't dissolve it off as it won't harm other items as long as you remove/cover up and light plastic parts.
You might even be able to use straight up paint strip, but then you will have to wash it with water to neutralize.
Another idea might be a combo of a heat gun and paint strip - and a screwdriver tip with some sand paper.
Either way, without taking it all apart you have a challenge ahead. I think failure to fully strip the red will be a problem if/when the blue flakes or scrapes...etc.
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