For downvoters. I made an effort to file a very detailed bug report regarding this issue. I'd love to make it work but it seems like original REBOL binary is also 32-bit only. I still don't understand why the provided binary is a rabbit hole of problems. I do want to try it on my system and open to making an extra effort to make it work. :)

IIRC, Red is not yet fully self-hosted, so it makes sense that the download would embed a copy of the original 32-bit x86 Rebol to bootstrap / compile.