My daughter is really fair, and she used to turn red or even kind of purple fairly often when she was a newborn. Her doctor told us that it is normal because newborns have poor circulation. I remember that it stopped for a few months and then happened again the first time she got sick and had a fever. I thought it was really spooky, and I am glad she stopped. It is normal, but you don't have to like it.
Congrats on bringing your little guy home! I think your swaddle question was in a different thread, but I can't remember where. We used the Swaddle Wraps, which make instant baby burritos. It was cold when my daughter came home, so we would wrap her in a blanket, then the swaddler and put that inside the sleep sack. Halo makes sleep sacks that have the swaddlers sewn on the outside now too. My daughter loved to be tightly swaddled until she outgrew the wrap. I know other babies who preferred to have their arms out, so try it both ways until you figure out what he likes. We didn't use any monitors because she came home on a small amount of O2. Her doctor encouraged me to use that as my excuse not to worry, so I did.
Daughter born April 2009 at 35 weeks due to Class 1 HELLP