I think there may have been an occasion that the Evo V was raced by Tommi in all red, but I am not certain. The decals supplied with the kit are for the red/white cars of Makinnen and Burns. Note that Burns' car has the additional 'Carisma' decal whereas Makinnen's car does not.
Why would you spray it flat white and flat red? The cars are gloss, and it is not a regular red, it is bright red, Tamiya Color TS-49 and the white is TS-26. If you paint it any other red it will not match the red in the decals correctly.(Note: the red in the instructions is the old code, the one I have given here is the new code, it is the same color)
You will find it a lot easier to use the correct color and should get a good paint job out of Tamiya cans.
As you said, spray the white, then mask and spray the red.
If you want some good photos of the car, go to the Mitsubishi galleries on
www.wrc-online.net and then select the rally and the year you are looking for.
Hope this helps you.
Sorry about wandering all over your thread Steve.
Ray