Yeah, I've seen that theory. I believe it originated on Unca Cheek's website where he speculates about all kinds of comics stuff. He also suggests that red K really acts on the psionic aspect of Kryptonian powers to make them into whatever they're subconsciously thinking about at that instant.
Here's something to bake the brain: if Unca Cheeks's theory is right, that Red Kryptonite turns thought into reality, what if Superman happened to be thinking about being immune to Red Kryptonite...WHEN exposed to Red Kryptonite? :shock:
I don't know if I'd subscribe to that theory for three reasons:
1) If Red Kryptonite is able to do what it does because it transforms thought into reality, why would it exclusively affect living matter from Krypton? That is, what if Superman, while being exposed to Red K, is thinking about some bizarre fantasy about Cheetohs falling from the sky, wouldn't it be able to amplify his super-thoughts in that direction also? Why are all the changes in red Krypton personal - erasing memory, giving Superman a lightbulb shaped brain, etc.?
2) Superman must have a really messed up subconscious if all he thinks about is having giant ant heads, turning into a giant gorilla, or becoming an inflatable Macy's Thanksgiving Day balloon. Maybe losing his planet and his parents warped him a lot more than we thought.
I'm sure Supergirl thinks a lot about puppies and world peace; wouldn't Kara getting exposed to Red Kryptonite lead to world peace, or at least turn her into a puppy?
3) Red Kryptonite has fairly reliable properties. For instance, Superman keeps a chunk of Red Kryptonite in the fortress in lead foil, which allows him to shrink to tiny size. If it was based on transitory thoughts on the subconscious, it would not have this effect. Also, Superman and Supergirl have identical reactions to the same chunk of Red Kryptonite; if it was based on translating thoughts into reality, as both have different thoughts at that particular moment, wouldn't the pair turn into different things?
Ah yes, Quentin "Cubist" Long. I corresponded with him a few times way back. Cool guy, pretty good writer.
I've never emailed him, but anybody that's a fan of AMETHYST: PRINCESS OF GEMWORLD is okay by me. Though his constant harping about how "Crisis saved DC" and "DC is better than Marvel because Marvel has continuity" is really, really bothersome in otherwise readable articles.