So, normally you have two jokers, a big joker and a little joker. The big one is sometimes distinguished by being red (or colored). How does it work with decks with 4 or more jokers? Is is supposed to alternate black, red, black, red, or is only one supposed to be red, or should the red thing just be avoided with > 2 jokers and some other scheme used to identify their rank?
There is no common convention for 4 Jokers.
According to Wikipedia
and other websites, there are normally only two jokers. The qualities of which, including appearance were probably borrowed from the Tarrot trump cards the Magacian/Juggler and (which is red in color, and outranks) the Fool (which is black in color), both of which have the apperance of a court jester.
The Maverick brand of playing cards (U.S. Playing Card Co.) is one example that sometimes has 2 jokers that simply say, "Maverick" on them and two that show the logo. Each design is in red on one and blue on the other.
To the best of my knowledge, there's no standard for ranking jokers.