So I'm going to try bead blasting a 1006, been reading up on it quite a bit, first time though. Just wondering if it's necessary to tape off the little red ready to fire dots on the frame? Any other tips or first time mistakes to avoid?

I think I' blast them off and re-paint.

Usually, masking materials don't last long in a blast cabinet. Especially, such a tiny piece as you'd need to use to protect a dot. I'd be more concerned about the media and any contaminants it may contain. If the media you're going to use has been used before, it may contain microscopic particles of rust. The problem with glass blasting is that it is more of a peening action than a cutting action. So, while the glass blasting may provide a uniform finish, it can also embed tiny particles of rust (iron oxide) under the blasted finish that immediately or in time may continue to rust. Nasty nasty, looks bad to have rust streaks on a stainless, aluminum or carbon steel blued finish. My understanding is that S&W uses glass blasted finish. But, they use dedicated blast cabinets. Colt, on the other hand uses aluminum oxide as a blast medium. At least on their 1911 style slide tops. Aluminum oxide is a much more aggressive media than glass beads. Aluminum oxide uses a cutting action as opposed to a peening action and therefore is much more unlikely to embed contaminants than glass beads. Aluminum oxide can be purchased in different grits. 100 grit is probably the most common. That is the grit Cerakote recommends be used before application of the coating. For other applications a finer grit can be selected for a softer finish. I would make sure any media you may use is clean and adjust the air pressure to match the remainder or original finish.

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NRA Benefactor

Here yo go.
Glass Bead Media Testing on 5906 Frame

Tyrod has good advice.
If you use a blast unit that was ever used to blast carbon steel it'll embed carbon and rust into a stainless or aluminum gun part, and that will cause rust later.

I once had a customer who blasted an aluminum frame in a garage blaster that had been used to blast car parts.
He was astounded when his aluminum gun started rusting.

You need to thoroughly and carefully clean out the unit and refill with all new blast media.

Before blasting, get some scrap aluminum and experiment with air pressure to get the texture you want.

Also, I'd just blast off the paint and refill the markings with model paint applied with a toothpick.