Can genetic breeding make cows red? If so would it be acceptable as a Parah Aduma?
There have been reports of cows being bred and potential "red cows" have had their pictures take. For example the Torah Tidbits parshah sheet has posted pictures of members of such a herd (I think that it it torahtidbits.com, but I do not have access to that site right now).
A google search found a reference to such a cow that had been born if Kfar Chassidim in 1997. I have seen reports of someone trying to have a herd of such cows available but I do not have access to the reports themselves.
Note that you question implies breeding cows to bulls in such a way as to produce a Parah Adumah. There may be a problem with genetic engineering, but since this is done by normal breeding methods, there would be nothing wrong with it.