Actually, Hot Rod was supposed to be light magenta based on the original cels used for the animation. They changed him to red in the cartoon series to reduce the color palette needed for painting the cels.

That being said, the DVD and blu-ray releases all seem to be over-saturated, which leads a lot of colors to come out way too bright, including Hot Rod's magenta.

Also, the Australian Blu-Ray is region free. The only issue is that all the extras are in PAL and most of them suffer from field blending.