Red light can't be 100% disabled, but you can set it to only be on for a second or two after you hit "go."
I'll check my settings tonight and post 'em here.
EDIT: try this:
Go to the main menu, scroll down to #3 "Display Setup", hit "REC", then go to "Display Timer" and set your time. I've got mine set for 10 seconds, which is plenty of time. The red light will come on again when you take the hold button off, so be aware if you are stealthing.