I've seen b&w photos of the red center painted out on a/c -- a barely-discernible circular area a teensy shade darker -- but, being b&w, it's tough to tell what hue that painted-over circle is.
My guess -- and it is purely that -- is that on an operational carrier in a war zone no one would have bothered with sanding, particularly when, as you said, the whole insignia was soon to change. If anything other than white overpaint was applied, a quick slap of gray (as a sort of barrier) would have been as effective as sanding and much quicker, when you consider they were 'correcting' several squadrons' worth of planes.
For the effect on the model, I would personally be tempted to use a) a circle of white decal stock, which would give a slightly translucent effect, or b) a miniscule drop of gray or pink-gray in white; purely in a 'scale effect' sense, I think pink alone might look strange to a viewer.
As an alternative, you might use a circle of brighter, purer white to represent the freshly-overpainted spot.
In any case, it's a neat project! Good luck -- and be sure to share picures.