You may be ok - I haven't needed the red key in 3 years and 40k miles. You could always get an ecu and key set from a scrappy if it went wrong, but they are pretty reliable things.
*cough splutter* Paid £1300 for mine and its the same! BAAAAAH! Ya can't leave it there for that price mate! (Assuming it hasnt been wrapped around a tree or run four-star!) [:0]
N reg, you may not need a red key. If the dashboard warning lights has a yellow CODE light, you'll need a red key just in case. If it doesn't have that light, it doesn't need a red key.