I agree that the velvet look might be too tough to accomplish, especially with the bits that would be plastic (the head and hands). I figure we could possibly do it in just a flat red color without a glossy finish... Maybe not entirely accurate, but I think it is more important that the head and hands match the suit than it is getting the fabric 100% right.
I'd still want Tony on this as my first pick, with Ashkan maybe doing the head, boots, and lightning bolts? Those guys seem to work well together...
-Sallah