My M3 had Imola red leather, it was pretty awesome:
Added a nice color pop on a sort of monochromatic colored car. You car is red so I'm not sure. I've seen some red on red M3's and they look good as well.
A problem could be getting the red to go together. Another problem with red die on some fabrics is sun bleaching so you have to be carful of fading. It's a problem I saw on certain seats when I worked at Sparco. Thier stuff was pretty good but other brands that used cheap fabric in cars that had no tint and/or were parked outside had issues. If you do decide to go all red get something that's made well.
Another option I think would look good is black with red stitching and red on the center cushion (of the back rest and maybe butt rest). Something like this but red where the grey is:
