I asked this exact question about 8 months ago. I too was working on a 1930 Regular. I noticed that many unexposed surfaces were red. What I found out was that many parts were dipped in a red primer before being assembled. Then the tractors were painted grey, but some of the places where parts were put together did not get the grey paint. So now all these years later, you pull the cover off the differential(or some other part) and you see the red primer and think ,"Hey wait a minute....". There is a very knowledgeable fellow in this forum who goes by "Old F-20" and he says there were no original red regulars. There were some dealerships in the 1930's and 40's that had specials where they would paint your grey tractor red for very little money, but I doubt they painted under things. I would bet what you are seeing is the primer. Good luck with yours!
In the picture I have included you can see the red around the inside of the differential cover.
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