Wally Walrus Coloring Book Art

I got this as part of a group of coloring book art from Heritage. I got it for the Bugs Bunny page, but I do like this. My problem is that I was not sure who it was. My son and did a google image search on it and Wally Walrus came up, but the first images we had showed he had tusks. But I looked some more and found that in the comics and the coloring books he was featured in, he didn't always have his tusks, so I think that this is him. If you disagree, let me know. Wally Walrus was one of the main villains in the Woody Woodpecker cartoons. I watched them as a kid, but only because i liked cartoons. These left me a little cold. But this is a fun image.

And once more, if someone can explain the red paint on the image, I would be so appreciative.