Thats possible, but if you have the red paint and the brush in your hand why not red paint over the green band if the rifle was not to be fired.
I have never read anywhere where any color paint dots are applied but plenty of info on the green/yellow/red bands.
Remember this was at the end of the SMLE life at the hands of the cadets who didn't have the means to repair rifles and had limited means to signify problems at their end. There may only have been a screw missing hence the red dob.