I've seen a lot of posts about red death and a lot of people suggesting things that I don't necessarily think will benefit the weapon right now. However I believe the best action for the weapon and for the variety of the meta would be to revert it back to its original archetype. As it stands, there are only 2 current weapons of the highest impact pulse rifle archetype. It seems to be performing quite well right now, and adding red death into the mix would allow players more choices when it comes to the pulse rifle category. This is what I believe would be the BEST fix for red death right now.
Edit: here is the original red death with its original archetype for those who don't believe it was ever a super high impact pulse rifle.
http://vignette2.wikia.nocookie.net/destinypedia/images/3/30/Red_Death.jpg/revision/latest?cb=20150418095619
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Uh it's the same archetype it's always been, are you confusing it with hopscotch pilgrim?