I work somewhere with plot styles in place and was asked to plot a drawing with red lettering witht he standard grayed out plot style. I'm guessing that I would need to setup a new plot style to accomplish this. Help?

Simple.Assuming you're using a .ctb file, change your text to an unassigned / unused color in your .ctb file. Edit Plot style changing color of same to red.

You can either edit the Grayscale.ctb or you can assign a TrueColor, not an Index Color, to the layer in your Layer Properties Manager.  The RGB for red would be 255,0,0.