Elevated SO2 levels will bleach the color of young red wines and cover up most of the nice aromas with the aroma of Sulfur. Reducing the SO2 in wine can be done but it carries the potential of severe oxidation of the wine (because you're adding a powerful oxidizing agent, Peroxide). With that in mind, you should carry out lab trials first and observe the long-term effects of the Peroxide before adding it to the wine.
