No it will not. When the 4-in-1 test swab is used the test results will be the same as with regular diesel fuel however, there may be a slightly pink tint to the swab. If the fuel is going bad it will still show up on the swab clearly. When the swab is brushed against the bottom of the tank, water, rust, and sludge will still show up if present in the fuel.
Off road diesel has a red dye added to it to differentiate it from regular diesel fuel. This dye is added at the blender and unfortunately can be in various shades of red.