i've seen Chrome Paramounts with Coca-Cola colored red lettering and red housing. In fact, i recently built up a 1977 carlton pro and attempted to copy the red schema of a paramount :
http://www.ece.ubc.ca/
the red housing available in the early 1970's was solid colored, not transluscent. You want a candy-apple red, not an orange or flame red.
In the mid 1970's, if one can trust bicycling magazine as a guide, there were NO premium housings (except for suntour and campagnolo stainless cabling) so almost any unlined housing from an LBS would probably be correct. Stay away from the transluscent stuff (I believe it was a late 70's / early 80's invention.)
- Don Gillies
San Diego, CA, USA