As was said before, the sand is silica and not aragonite. Thus it would be at least neutral to the tank, but at most would irritate the inhabitants. I don't think that would be such a huge deal, as the sand off the coast of california is silica too.
However, if the sand has a red coloration, there is probably high concentrations of Iron in the sand, and I can immagine that it would leach out slowly, and if red sand has iron, I'm sure other metals... Uh hem(copper) can also be found in some of the terra firma sand masses.
But hey, you can always be a guinea pig and try!
Good luck
Aaron.