Technically, this piece already exists, but from what I understand, the few copies that were made in red were created to test the molds. The piece has never been released in red in an official set and, as a result, it is both difficult to find (available at bricklink, but not from any sellers within the us) and is fairly expensive.
My brother and I have created a fantasy miniatures battle game, and I would like to have a mage unit represent each of the four classical elements: air, water, earth, and fire. IMO, the recent wizard releases in the castle and kingdoms lines provide adequate represenatations of the first three, but alas, no fire.
What I dont understand is why Lego released the evil wizard with a red body but a black hat and cape. I guess red by itself doesn't carry enough connotation of evil?
So Lego, grant my selfish request and produce a set with a red mage with a RED HAT! In the mean time, I guess I'll just have to keep using the SW imperial guards.