I would stay with one color. And red has been done, done, done. A great orange works in all seasons. You can get a couple rectangle pillows to compliment-- purple would look great through Thanksgiving! Big pillow with bling (white +/- turquois) could be an option for Christmas.
Rustoleum carries a line of hammered paint+primer/in one, rust preventative, any angle paint that I LOVE. If you're looking for a wow factor, this is the paint for you. I've used the black to make posterboard look like metal at school and the brown on many things at home. It's understated & simple. Can't wait to see some pics of your handiwork!

I'd go with black or stainless, and let the pillows make the statement! You can change the pillows with the seasons, but you got red chair, and it's pink/white/green spring? Now what you gonna do?
Suz