Masque of the Red Death
Since Z was into movies and middle/high school literature classics (e.g. "The Most Dangerous Game") another source of inspiration for "The Red Phantom" could be the 1964 film "The Masque of the Red Death" starring Vincent Price. It's based on the short story by Edgar Allan Poe. While I don't think Z was ALA, maybe he was a teacher of some kind.
More here.
More here.