It ended up turning out pretty nice.
As usual, I used my go-to baby hat pattern by SLK Designs. the only difference is that the last two rows of DC are in white, and then I have 1 row of white SC. I crocheted a column of red HDC and whipstitched that to the hat, and then folded the little white brim up.
It's all made from Lion Brand 1 Pounder yarn, just regular old acrylic stuff, on an I sized hook. It looks a little large to me for a newborn though. I think I might make one more simple little hat tomorrow morning with a smaller hook.