I too am very interested in Red Welte classical rolls.  It's amazing to
me when looking through the Smith-Howe Welte catalog how many students of
Liszt and Leschetizky (in addition to Leschetizky himself) recorded Red
rolls, and how many of these have never been available on the licensee
format.  People like Raoul Pugno, Eugen d'Albert, Moriz Rosenthal, Emil
von Sauer, Alfred Reisenauer, Arthur de Greef, Bernhard Stavenhagen,
Frederic Lamond, Josef Weiss, Arthur Friedheim, Jose Vianna da Motta,
Mark Hambourg, Ossip Gabrilowitsch, and Josef Slivinski all made rolls,
mostly on Welte only, and most on red or green rolls only!  Many of these
made early phonograph recordings, but a few left no other record of their
playing than the few Welte rolls they recorded.  Most of these
interesting Welte rolls were recorded around 1905.

I found an interesting 2-CD set on the Pearl label entitled "The Pupils
of Liszt". It contains phonograph recordings by Arthur de Greef, Josef
Weiss, Frederic Lamond, Moriz Rosenthal, Jose Vianna da Motta, Arthur
Friedheim, Emil von Sauer, Eugen d'Albert, and a couple of others.  These
recordings were made between 1912 and 1941; both CD's are over 70 minutes
long, and the liner notes are very good.  I haven't taken the time to see
how many of the performances here were issued on rolls, but it would be
interesting to listen to both back-to-back.

I'm reading a book on the history of pianists from Mozart to present
which mentions many of these artists ("The Great Pianists" by Harold
Schonberg; this is pretty easy to find in good book stores).  Schonberg
mentions reproducing rolls several times in passing (basically saying
that they're unreliable as a true record of the artist's style).  While
it's hard to argue with this opinion in general, I have a hard time
writing reproducing rolls off altogether; certainly there are some rolls
which are quite convincing as actual performances, and others which are
more obviously influenced by editors.  This is the case across the board,
with all roll types & manufacturers - in my opinion.

Several sets of red & green Welte rolls have been converted to the
licensee format by the Tonnesens, and by John McClelland.  I have
recently come across a collection of red Welte rolls in the Chicago area.
Of the 150+ red rolls in my friend's collection, I figured that 44 were
never issued on the licensee format.  I plan to convert a number of these
to the licensee format for issue as recuts, probably sometime next year. 
This is a new direction for me, but a very interesting one that I'm
anxious to persue.  I have yet to chase down some of the other red Welte
collectors in the U.S. to see if others are interested in loaning rolls
for duplication, but I hope to see more of this activity in the future,
by myself and others.  There are dozens of performances by the artists
listed above and others which have yet to be heard by most collectors
today, and I look forward to hearing them myself, and to helping make
some of them available through recuts.  As Robin Pratt has said on numerous
occasions, it is up to us to keep this hobby alive!  I hope we will see
a renewed interest in Welte now that Charles Smith and Dick Howe have
finally made the incredible Welte catalog available to us.  We'll see...