I've heard a few people say he is based on Red but that doesn't mean he's Red. In that series, they're all toys (or statues, in Melee). So, technically he isn't our Red but that doesn't make him not Red.
No one ever says Mario isn't Mario, or Pikachu isn't a random Pikachu.
Would you call PT "Red"?
No one ever says Mario isn't Mario, or Pikachu isn't a random Pikachu.
Would you call PT "Red"?