The Red Jacket is a personal item and therefore there are no regulations from the BSA on what you can and cannot wear on it.
I find it crazy that this question was made before I was born and in the time that this was made and now I and many others were able to be born grow up a little and even become Eagle Scouts. The fact that this was made so long ago and is still active just shows how old the internet is getting and how everything on it will literally last forever. The person who made this is now nearly 20 years older than they were when this was submitted. They were just going about their daily business and asking a question. They had no idea that 17 years from then there would be a then unborn child answering it.
If you read this thank you. Maybe there will be people reading this comment 17 or 170 years from now.