In this case red is good.These leds should be on when you first power up the drive.You could also have leds 6 and 7 instead of 5 and 8.
The 00 is the readout of the onboard meter.This was KTK attempt to make fault finding on these boards quite simple.
I seem to remember there are 9 or 10 things that can be checked with that meter.
These drives are phase sensitive.
Can`t be more specific as I`ve no experience of these drives in Bridgeports but I had them in three other milling machines.
I have just replaced one and I will say that these drives were way ahead of their time with abilities and options they had.