i think it is a good name for the band. it sounds cool, but seems to lack that extra spark needed. but of course thats my opinion. and on the whole issue of "stealing ideas" thats just nonsense. if you had wanted to name your band, head machine or something then that would be too much, but i dont think burning red is any problem. just deliver a sturdy "F**K off!" to your bassist and tell him thats what you guys want. because the likeliness of having all five members of a band enjoy the same name equally is extremely rare, i am surpised even 80% of you like it.
hope i could offer some insight, or whatever.

jesse sutton (canada kicks ass)

p.s. i owuld offer my own suggestions but the names i have in mind dont fit the music you want to play, and basically i want to hog as many ideas as i can. no offense, lol.