I have created two red wallpapers exclusively for my iPod touch and I've decided to share it with all those who also own a touch. So here it is for anyone to download, in 480 by 320 size and 300dpi: (click for full res)
Kept the design simple and clean. Transfer this image into your photos and sync it up in iTunes, then set this as wallpaper under the 'settings' option found in the home screen. Enjoy!