A mate of mine bought one with the 138 red (2250) motor about 35 years ago. A really tidy, white, LC coupe.
The first weekend after he bought the car, he ripped the 138 out and put a 202 in it.
They red 138s were popular with the early Holden guys though because they shared their capacity with the later grey motors, which meant
(at the time) you could replace the grey 138 with a red 138, without engineering, and gain about 15 to 20 bhp.The low comp red 138 was rated at 90 bhp, and the high comp red 138, 95 bhp.
A couple of hours work and a $100 high compression 202 from the wreckers, would give you an extra 40 bhp and 75 ft/lbs more torque (over the high comp 138) so not many 138 Toranas survived intact, once the young guys got hold of them on the 2nd hand market.
The 138 reds were always pretty thin on the ground though, even back then.
Just as a point of interest Holden also made a 130 CID red motor for export cars. IIRC it was so the capacity fell into a cheaper registration category for South Africa?
The 130 was never offered in Australia.