The basic colour of the glass is light green - and the red is etched on. The (copper??) etch is sponged on in a gradation, so at the lower end of the colour you can see streaks, while the colour is solid towards the top.
I'm unclear about your use of the word "etch" here. Is the glass etched where the color has come off?
Is the glass green where the red has come off? Seems like transparent red over green would make brown, but maybe the green isn't very strong.
The microblisters look to me like they could have been the result of popped bubbles of whatever the coloring material is. Are you sure it's fired on? I thought fired on color usually fades more than flakes.
"Flashing" as I learned it means a hot process, one of dipping a piece in thin liquid glass...is this yet another word with various meanings?
Interesting piece (and what a whopper)! It would be nice to know how it was done.