I think it would be "okay" for once a year. Perhaps Homecoming or Senior Day for All-Reds. I think having knee high white socks with the red on red, and the knee high red socks with white on white, with black shoes, would look best for an All-Color top and bottom.
I was not a fan of the 1962 uniforms, obviously yes I know why they wore them, but I disliked them mostly because of the god awful helmets and how bland the jersey looked as well with white shoes.
Although I'm still a huge fan of the 2001 uniforms are the best [Nebraska on the chest, no stripes, knee high red socks for home games & knee high white socks for away games], I think the All-Color top and bottom would be okay for just one game a year. Maybe an All-White vs. a team with All-Black, again for just once a year, or just every now and then, but not definitely every game.