MLP-MTG: Screwball

Cheap, aggressive flyers are typically white, and to a lesser extent, blue, but not red. Cheap red flyers are unusual, and tend to be weak (this card may be OK as is if it were mono-red thanks to the nasty downside). Compare to Mistral Charger/Stormfront Pegasus ([link]) and Goblin Glider ([link]).

Long story short, I'd suggest either nixing White and costing the card at 1R or nixing Red and the downside, costing the card at 1W (that would make it a functional reprint of Stormfront Pegasus though and would lose a lot of flavor).

Should you decide to keep the downside, I would further suggest making the card an uncommon. Most players tend to dislike cards with downsides, and making them pop up often is likely to annoy them. This would also reflect that the card isn't what you'd typically find in Red.