I just did my LC475 last week which has the same "red glue" situation. This was my first logic board recap, and it was successful! Note that the logic board was in good shape with no obvious leakage so ymmv. Here is how I approached it:
1. instead of hot air, I twisted the capacitors off using a pair of sharp nose cutting pliers. The sharp end meant it didn't bump the other components while I twisted it, and gave me a good grip on the capacitor I was taking off. I twisted slowly and gently while applying downward pressure - you will hear a small crack when the glue breaks its hold. I only had one out of... 11? that had an issue with exposed traces, and I don't know if that is from the glue tearing off or not.
2. once the cap is off - in addition to two capacitor legs and solder left on the pads you also have a lump of hard red glue. I carefully scraped off as much as I was comfortable with using an 18mm blade which is not an ideal shape! Scalpel would be better but I don't have one. I made sure to not tear into the solder mask.
3. I then added flux (I have ROL0) and used my soldering iron and solder wick to clean everything off, including the glue! For me just scrubbing it off worked pretty well - see pictures.
4. washed off with IPA.
5. For the one where the trace was exposed, I painted over with clear coat nail varnish protector since I don't have solder mask! The varnish I am using is the expensive stuff that is based on cellulose acetate (you can check the ingredients if you decide to buy some). The cheaper stuff is nitrocellulose which you probably don't want on your board! I have tested the clear coat on some scrap PCBs and have found that it both insulates well (no beeps) and responds safely to heat (no smoke/fumes, just melts at 200°C+). I just wish I had some actual nail varnish based on cellulose acetate, it would make it a lot easier to see where I have painted!
Here's the pad where there is solder mask missing, before I cleaned it up.
Here is what a typical pad looks like after cleanup - you can see the blackened blob remains of the glue where I have removed it with the soldering iron and wick:
