I started sanded it down and started to lose the redness of the rifle , I won't get that back right?
The Soviets used a 'shellac' finish, which is different than varnish - don't use varnish. The red colors they achieved with Shellac are due to redish pigment being added to the shellac itself, and not any sort of staining on the stock. So a proper Soviet style finish should be a redish shellac that can scratch or flake off fairly easily, leaving a light yellowish wood underneath where it does get scratched.
If you want to refinish your stock so its historically correct, then maybe try to do a shellac finish.
The real question here is... do you want to refinish with the historically correct shellac, or do you want to use a different finish that might have other qualities (some better, some worse)?
When I was re-finsihing my old SKS, I chose an entirely different method, since I wanted different properties than the historical shellac finish offers. I went with a wood stain (cherry wood + 23 shots of red color), and then used a blended oil finish called 'Tru-Oil'. Its a nice hard weather resistant finish that's durable, but also super easy to repair.
Other guys go with an oil finish that rubs in like boiled linseed. You can see that Travis Bickle has done a fantastic job on his SKS with boiled linseed. What I like about his SKS is that it captures the original look of the shellac finish better than what I've done.
Above all else... I would recommend that you use your imagination, try something new to you, and use the opportunity to learn. Also, look around at other people work, then think about what you want to achieve.