Cheapo - I hadn't heard of the Red Storm warning before, at least not in this context. Do you know what the chemical is that is formed when the powder breaks down? The only chemical I know of that has a reddish cloud is red fuming nitric acid and that isn't very friendly stuff. If it's a reddish powdery cloud it may be only rust from the can. Even so, it isn't wise to breath in any atomized metallic compounds.
As for using old powders, I regularly use some DuPont (IMR) powder I bought in the '60's for some .270 loads and there has been no problems with it. Like the others said, if it has been stored correctly, it should be good for several decades.
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