Its the ketchup mustard car and it is definetley the first one produced in 96. Its the 415hp car with rear exit exhaust not side exhaust.
Vipers were not produced in VIN order, so its hard to know whether it was really the first one off the production line. Irreguardless, VIN 1 will still be collectable to *someone*, whether it was really the first one off the line or not.
Yes, all 1996 RTs were transition cars; Gen 1 engine, Gen II suspension, Gen 1 body (hood and doors, especially - no louvers in the hood, no door handles), Gen II exhaust (rear exit), only year with the plexi slider side curtains ("windows" to you non-roadster people). By virtue of the different exhaust, it was rated at 415 hp over the pre-'96 400 hp. Only came in three color combinations: the red with yellow wheels "McViper", the black with silver dagger stripe (comes to a point before the front facia) with silver-painted wheels, and the white with blue stripe (also comes to a point before the facia) and with white-painted wheels. All had special interior colors, also (e.g. white/blue car had blue steering cover and brake handle, etc).
(2nd half of '96 was the first production of the GTS coupes, no Roadsters).
As far as worth, the red/yellow cars have still not quite caught on, VIN #1 or not. Depending on mileage, I'd guess between high 40's for zero miles on down. I bet it *will* go up in value, though, despite the paint combo - so I'd sit on it if I were you.