This was a popular technique in the 1980's, including a vividly coloured accent piece in a piece of furniture, often red on a Black Ash item. Blame Habitat!
The problem with red dye is that it's especially "fugitive", so within a few years it'll be an insipid pink. If you can live with the inevitable fading then I'd use a water dye rather than a spirit dye, ignore the nonsense on the tin about spirit dye's being "light fast", they're hardly any more fade resistant than water based but they're much, much trickier to apply. All dyes need a wet edge to prevent tide marks and yet spirit stains dry within seconds. Spirit stains are terrific for french polishers and experienced finishers, anyone else should stick to water based.