Isn’t the red motor from an earlier model than the black motor? I ask because installing a motor from your vehicle model range requires all components associated with the engine to be pulled in (including all pollution stuff). Such may not require engineering (but not sure)...
Installing from a later year model will also require pulling in all the ancillary pollution stuff and will require engineering certification. But from what I‘ve heard, it’s difficult/expensive to engineer a motor into a car that came from an older car, because of pollution issues...
Probably best to stick to a VK black motor which is when I think EFI was first introduced (I think the blue was an early VK motor replaced by the black 202) But if you need $$ spent on engineering, may as well consider going to a V8 of the era or even the RB30ET from the VL era...
Best to talk to a certifying engineer before you start the project... VicRoads has a page where they discuss all the rules as to what does and doesn’t need engineering and also has a list of certifying engineers for you to talk to... Google and the phone is your friend here