First off, there are many different COMMON names for fish, but all the fish with the same scientific name are the same. There is no difference other than color between a "regular" cyanopleura and a Ruby Headed Fairy Wrasse...
http://www.liveaquaria.com/product/prod_Display.cfm?pCatId=1153
They are also not SUPPOSED to have red heads...as there are many different color variants.
I IDed the fish as a cyanopleura based on its physical traits aside from color. The color variant indicates that it is in the process of turning from a female to a male....eventhough it is probably about 90% complete.
My cyanopleura is still a female and barely maybe 15-20% on becoming a male, so I have no idea what its male color variation will come out to look like. I posted that link as a sample of a female cyanopleura...I was not saying that my fish looks like the male in that picture.
Furthermore, the chances of him creating a "pair" is very slim, as other than the Ciirhilabrus jordani, wrasses do not tend to form pairs, they form groups with many females and 1 "super male". There have been several recorded instances of mated pairs of wrasses other than the jordani, but it is a very slim chance to pair them in captivity. This is why, if he is going for looks alone, it may even be better for him to add a male to the tank, unless he adds a female with the intention of it turning male.
EDIT: Pk1, I must say that your fish has one of the nicest color variations I have seen in a cyanopleura.