That discussion at RGG is, imo, comedic gold
Regarding the game itself. My instinct is that it will be incredibly boring. The reason is that it's not possible to kill the first stones even with the use of red stones. So both sides will end up with at least 1 completely alive (even with pass) group. Then it pretty much degenerates into a battle for the most number of alive groups, and then playing with only red stones until one side has to fill in eyes, then there's a choice of using either a red stone or a stone of own colour - one of which will end in opponent having to fill in eyes (though it's possible that opponent will get to decide through the use of 2 or more stones of his own colour), and then repeat this until one side runs out of groups (probably anytime from 400 to 800 moves). I suspect that the key will be in forming shapes in which opponent has no choice to decide who has to fill eyes, but not sure - it feels too random and tedious to be fun imo.
Edit: missed restrictions on using red stones if and only if it captures. Then it still feels quite random and even more tedious because the location of red stones, the shape and the size (mostly for even/odd) of the final stones which are pretty much impossible to anticipate may determine the result of the game, and if not, then those attributes of each of the groups remaining on the board will determine the winner.
