Red wolf magazines

Yes, the new magazine will work fine. If you plan to use it exclusively, I would recommend removing the mag actuating pin and replacing it with the plug that AOA can furnish. They tend to break at some point and, depending on where the broken piece ends up, it can jam the magazine. I don't think this is likely, but I've seen it reported. 
 
Yes, the new magazine will work fine. If you plan to use it exclusively, I would recommend removing the mag actuating pin and replacing it with the plug that AOA can furnish. They tend to break at some point and, depending on where the broken piece ends up, it can jam the magazine. I don't think this is likely, but I've seen it reported.

This right here. AoA has kits to swap the actuator out for the new mag.
 
Just a word of caution before ordering the replacement plug from AOA. First, try the two screws holding the cover olate in the bottom of the mag well. Both of mine stripped. Next, the cup that holds the old style pin actuator was pressed tight in my Red Wolf, could not be removed, so I ended up shipping the barreled action to AOA. Daystate gas the frustrating habit of over tightening screws. Some makers encourage owners to inspect and service their rifle, Daystate seems to want to keep buyers out of their rifles.