So named for the color of the capsules, "reds" is slang for secobarbital - better known by its brand name Seconal - a pharmaceutical barbiturate used as a sedative i.e. sleeping pill, but which recreationally is used as a hallucinogen.
The phony DOB that Baker gives to Malloy and Reed is 12-31-31. That date is very close to Martin Milner's actual birth date of 12-28-31.
KMA = end of transmission.
211 = robbery.