Absolutey:
After the 20th Ga.'s Col complained about the color being "indicative of fear and too close to the color of surrender"
Beauregard is reported to have replied: "Well, then, dye it red, sir, dye it red with blood."
20th Ga Col.:"I will, sir. With the blood of the enemy"
Beauregard: "With your own if necessary."

Source: Certificate of Authenticity, "First Battle Flags", Don Troiani print, written by the late Howard Madeus.