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The red phenolic/formaldehyde resin is a different critter than the hard rubber that came later. It is a close relative of bakelite. If the surface is getting compromised by weathering, painting the surface may be the only way to bring it back to a nice dark red color. I've seen a fair amount of old bakelite aircraft raydomes and antique ADF antenna covers that were painted and they seem to last as good as anything. Matching the color might be difficult if yours was one that had the black specs in it like I've heard that some had.
A lot of bakelight stuff is repaired with epoxy resin that is colored with powder pigments but that sounds like a lot of work to me.