I have the 97 steel Rockhopper in dark blue...bought it on the May bank holiday 1997 as I recall. It started off life rigid all round, but I added Rond Quake forks 10 years ago.
I'm found this site because I dug it out of the shed today, it's been there for 18 months or so gathering dust (usual story, started a family...no time, got fat, neglected bike, got thin, sought out trusted old steed), and was disturbed to see rust spots on it! Anyway, I cleaned it up, pumped up the tyres and climbed back on, and it's still a great ride. Hopefully the rust is just on the surface.
As for a red paint job, back in 1997 you could buy the rigid Rockhopper in dark blue or the red. Now, I LOVED it in red, it really caught my eye, and the red colour was what lured me across the shop floor from the GTs and Konas...but, I didn't want a bike that caught every light fingured Tom, Dick and Harry's eye, so I went for the more subtle dark blue, and still love it.
Anyway, whatever colour you go for it's a class frame and ride, and is still bags of fun!
Great site, best of luck with the build!