Researchers have done a bit of rethinking in recent years about the red paint on British (and other) sailing warships. Old legend had it that the red paint was intended to camouflage blood stains. Modern thinking is that the stuff was simply a good, durable color that was used to protect surfaces (accept those that were to be walked on, or painted another color for some other specific reason) from the weather.
Most of the old contemporary models I've seen use a bright, bang-on-the-back-of-your-eyeballs red. It's possible, though, that those modelers were using artists' colors rather than the paints that were used on the real ships.
The Victory' s website uses the term "dull, matt red ochre." "Dull" in this case may just refer to the finish ("dull" as opposed to "glossy"). But if the photos on the website are any guide, "dull" is a good way to describe the color as well. It appears to be a medium, somewhat brownish red - not bright at all.
As I mentioned earlier, there were no official rules about paint colors in those days. Even if the original paint was pretty bright, red paint fades faster than any other color. Combine the effects of age, light, rain, and saltwater, and you can justify just about any shade of red you like. For what little it's worth, I've built several warship models over the past thirty years on which I used bright red for the internal works, but if I were doing one today I'd use a much toned-down, brownish red. My suggestion is: if you don't like the red you've got, feel free to change it.
Youth, talent, hard work, and enthusiasm are no match for old age and treachery.