Even though the RM officers were ordered to change their headdress to that of the men (1810 I believe) ie the top hat with side brims taped, field officers (Maj, LCol, Col with 2 epaulets) continued to wear the bicorn. So, as this officer has only one epaulet (Lt or Capt) he is meant to portray a junior officer pre 1810.
It would make sense that this officer figure would have two epaulets vice one. Oh well a little bit of green stuff could easily correct it...that is what I intend with mine. A very nice figure.
Red or blue, if you are referring to the tunics, yes it does matter indeed. The RMs had a red jacket based on the army pattern. RMArtillery blue jackets with white lace vice yellow of the army.