I only do it on my shallow cranks and I only change the front hook. IF it makes a difference, I want them to focus their strike on the front of the bait.
I changed one out yesterday, front only, and went to my favorite pond. Bouncing it on the bottom yielded a 2 1/2 pounder and ..............got him on the rear hook. I will continue to change out the front hook and see what happens. I have noticed that some of my newer hard baits come with red on the front but it's some funky treble with one hook longer than the others.
Red is the 1st color to dissapear in the water column. Green and purple are the last colors to dissapate. The red hook thing has some merit with a topwater or if you are fishing clear water. After that your just supporting the fishing fad for the day.