There's been a Wg Cdr in the RAFAT chain for longer than that; one of them refreshed with me on the Hawk back in 2008 or so.
Typhoon93, Red 1 is generally a Sqn Ldr, who must have completed a tour with the team in the past. However, there have been plenty of occasions (Dicky Patounas the last one I remember, I think) where Red 1 has been selected for promotion during his final year and worn Wg Cdr rank for a period of time.
Likewise, I know plenty of Reds who've been selected for promotion from Flt Lt to Sqn Ldr and served their final year on the team as Sqn Ldrs. That's down to the mechanism of promotion boards nowadays.