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
There are usually two Jokers per deck, often noticeably different. For instance, Bicycle Playing Cards prints their company's guarantee claim on only one. More common traits are the appearance of colored and black/non-colored Jokers.
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.