First, I want to make it clear that red doesn’t keep wolves away. Granny just said that to get Red to wear her hood. The hood was magical, and that was what kept her from turning. We have no reason to believe the color matters at all.
Frankly, and I mean no offense, I think this idea is as silly as August being future Henry. There is just no way. There is absolutely no way Prince Charming is a wolf. Zero possibility.
If there was any reason for parallel, which I doubt, I think it would be that David is, for whatever reason, getting some of James coming out somehow. He is remembering something, or like a wolf, that part of him is taking over. Mary Margaret did say he looked like another person. I mean, obviously James and David are the same person, really, but in some very real ways they are not. I think it is just his fake SB cursed self and his real FTL self are warring in his subconscious.