The red circle is caused by the old magnesium fluoride coatings on the spherical components. And considering The Thing used Panavision Super Speed lenses, the spherical components might've been from the 60s or 70s when such coatings were prevalent. The old Todd-AO 35 anamorphics as well as the Dyaliscopes had similar artifacts. If you want to reproduce it, you should pay special attention to the taking lenses you use. Maybe something like a Super Takumar, or even older glass would make it happen.
