I play Chessy, which to my understanding is somewhere on the higher side of shards population wise. I haven't done much LJ in Fel lately, but I do quite a bit of mining. I've yet to run into any reds while mining, and I suspect that LJ is even less likely to find them, given that there's a lot more remote space for LJ. Personally I'd just imbue myself a 100% LRC barbed leather suit, grab some rune books and go. Should you die you're out ... maybe 1000 gold or something?
Seems like it's quite worth the risk to me.
I don't even run across any reds in the dungeons, though I admittedly don't do many champ spawns, and play at off peak times.