some folks are really set on school colors. I gave a friend som red one time for a school quilt and it had too much orange in it. So if you want to be true to the school be true to the colors as well.
There are not many reds out there that are true.
How if you are onsidering some kind of memory writing on the quilt (you didn't say so) let me suggest a muslin backing on which friends and coworkers could write name and other things. This will be on the back and not on the front for all to see.
I too am looking for reds for a block exchange and am finding it difficult to find true red. The blocks will be red and white. So I'm having to drive some distance where I suspect the shop will have what I need.