Do I need to use color preserver over Pro Wrap Red Metallic thread?

You should not need CP on any metallic thread

I would, just to seal the thread wraps and force any air out. The color will not change on metallic.

One more question. Will I need to use a rod drier for the Color Preserver? It's the Rod Dancer brand.

When using finish or CP it is IMHO always better to have the rod turning You get better coverage of the threads

You can thin out your first coat of finish and it will do the same as CP get any bubbles out Let dry and then a full coat

Bill - willierods.com

Thanks, I used a thin coat of CP and it turned out fine.

Curtis,
The best color preserver to use is NONE.
There is no reason to put color preserver over any thread, if you don't mind a bit of color change on the thread.
If you use non NCP thread, and don't use color preserver, the thread turns darker and nearly translucent.
I much prefer this look, so only use color preserver if specifically requested to do so.

Your choice.

Roger