It's probably better for the quality of the text to just write the text again in red. The font used is a standard font and is called Old English (/Old English Text MT).
Another option would be to select the right part of the image with the Rectangular Marquee tool (so the text only with its black background).
You create a new layer on top of the image layer and fill this selection with the red color using the Paint bucket tool. And choose to put the layer on 'multiply' instead of 'Normal'(default), which is chosen above in the layer panel from the dropdown menu.
bring the image into illustrator and trace with the pen tool. then, stroke the path with your desired color and thickness and copy paste into photoshop. illustrator has better tools for doing this. on copy paste you may need to re-size the illustrator object.