You are correct that red light is filtered out very quickly in saltwater, which is rather amazing since the spectral graph of light above the water is almost a horizontal flip of the light field at just one meter of water depth (much different intensity of course). Most corals beyond 5m dont have much use for it either because, well... why require/benefit from something that you aren't likely to get anyways? It would be as if humans discovered one day that eating plastic should be part of our daily diet... very unlikely considering plastic didn't exist in our evolution until the last few decades. Many deepwater corals actually use red pigments as camo... since fish cant see red in theory, and even for us, red under blue light just looks black.
That being said, there have been tests with red LED's and SPS, where the red light was shown to photoinhibit the corals at lower levels than blue light... which is odd since red light contains less energy... still, small spikes in the red wavelength could be a trigger (not in their power, but if the coral can sense/see the spectrum) for more pigments since in the wild, if the coral were being exposed to red light, it would mean it is in some very shallow water, and could use the extra pigmentation to sheild it from too much light. Clams do this... so why not corals?
And, there are people who use supplimental 'red spike' T5's... like the ATI pro-color and KZ fiji purple. These bulbs have a very deep red spike... almost too red for us to see well. Some people also add one 3000K bulb to a T5 array to boost the yellow/green spectrums. Without them, those same people reported that their pink/red/yellow corals were less intense and faded under the otherwise blue dominated spectrums that most T5's put out (some green, but mostly blue). I have had red, pink, and yellow corals pigment in very well just under aquablue, actinic+, and actinic03 bulbs though (better than halide). So I dont know how much stock I would put in those findings. I think that the results often depend on the light intensity as well as spectrum... so lack of intensity could be made up for with certain spectrums to 'fool' the coral into thinking its in shallower water. Maybe... its a long shot, but I could see it. Your light intensity with the T5's might not be as great, so your corals start to fade and turn pastel colors, so you add some 'warmer spectrums' to the mix and the corals think they are getting warmer spectrum/higher intensity light like in nature where spectrum and intensity are related. Our eyes actually work in a similar way with response to spectrum and intensity.
http://www.advancedaquarist.com/2005/8/aafeature/view?searchterm=iwasaki
Some corals, like Xenia, dont care... you can grow them under sodium bulbs, or actinics... they adapt to whatever spectrum you give them and their growth is only relative to intensity, not spectrum. So it seems different corals have different 'ideal spectrums'... which makes sense... if you were a deepwater coral, you would likely adapt to only use bluer light. If you were a coral that liked shallower water, you most likely use more warm spectrums and green. If you are a coral that spreads like a weed, and needs to adapt to whatever happens to be where you are going (Xenia), then you must have to adapt to all sorts of spectrums. Heck, there are Xenia that are exposed to air throughout the day due to low tide, so their spectrum goes from being blue dominant to being green and red dominant... so being able to adapt to such a warm source of light is a good idea. Some deeper water species, even ones at just 5m, may not be able to adapt to that spectrum at all.
Ill admit that my T5 setups have always been an even match wattage wise with what a halide system would be (some go for much lower wattage), so my light levels under T5's are much higher, and this is likely why my reds/oranges/yellows/pinks are more intense under T5's than halides, if nothing else... and the spectrums I use lack red all together.