I don't think so. Red does allow algae to grow a bit better, but it also is within the spectrum of the zooxanthelle of your corals, and helps your reds pop a bit more. A thing people often forget about our corals is that the zooxanthelle that let them derive energy from light are actually endosymbiotic dinoflaggelates, one of the nastiest algae's around to deal with! So, if your light will grow coral, it will also grow some species of algae, albeit to a different degree.
If we look at what commercial ficture manufacturers are doing, Ecotech has deep red in their fixtures, 4 of them per fixture run at 3W each (34 LED's total), which is way more than most people include in their DIY fixtures, and I have heard nothing but excellent things about them. Vividaquariums and Mr. Saltwater Tank use the echotech fixtures over their display tanks, and they look awesome.
Therefore, IMO, the deep reds will help your tank look better and your corals grow a bit better, and as long as you control nutrients and have a decent cleanup crew algae won't be a problem. I will also be including a deep red LED in my LED fixtures for my next tank, if that's worth anything to ya.