I like the idea of some acidulated malt. That would be a good touch for this style. I'm planning on messing around with it soon.
As for the rest of the recipe, I would probably replace the chocolate malt with some roasted barley. You'll get a good red color from it. If you don't want the lightly roasted flavor (like Smithwicks, instead of Sam Adam's) you can add it for the last 15 minutes of the mash to extract the color, but keep the roasted flavors out.
I'm guessing you want a dry beer? Otherwise I'd bump the mash temp to 154 or so. I see Reds as being a little sweeter. If you're looking for a dry beer, you might want to mash for 75-90 minutes to insure conversion. Or do a starch test at 60.