Why don't you just turn the monitor that is already in the game? VGA monitors are great for reliability but are not as good as the crts these games were designed for.

You can do a switching kit in your gt cab with a 60 in 1 as well. You need to pull your monitor and have it serviced. Likely its just a transistor on your neckboard causing the red. You'll be much happier and it won't look like a pieced together game.