Interesting situation! Partial remodel of Existing kitchen area. Electrical only. Several Ungrounded outlets on 3 wire ungrounded #12 . New #12 circuits from Panel to ist outlets easy to get without tearing walls apart. Rest are big deal!! One wall can get new outlet boxes & romex in OK.
Other wall 2 older ungrounded outlets with 3 wire Blk,Red , Wht. Can you Change Red to Ground(Strip or tape green) tie into existing box with new romex feed thoses two. Just looking for opinions?
Yoopers

You might get away with it , but it does violate 310.12 reference to 250.119 NEC 2008.

I agree it is a technical violation but if you stripped the red wire as far back as you can see it maybe with a green wrap of tape to avoid any possible confusion, I think the safety aspect of grounded outlets outweighs the violation.

If it a non industrial installation, I'm not sure how you could insure that only qualified individuals will service this installation, but maybe you could talk to your AHJ and see if he'll agree to let you use one of the methods for identifying the grounding conductor in multiconductor cables listed in 250.119[B].
These basically mimic what was just outlined in the post above anyway, that is, either stripping the exposed conductor bare, taping it green or coloring the exposed insulation green at every point where the wire is accssible.