Blue and red LEDs have significantly different operating currents. If the fan has the driver/dropping resistor built on the motor (commutator-less) driver than your results may be less than desirable. High output reds may be over driven and extremely bright (>10cd!) as well.
If the LEDs used have dropping resistors inline along the way (external to the drivers) than modding is much easier and you just change out both the DR and LED and you're done.