Letters down the side spell Bash. Put it through an atbash, and it becomes
EDIT: red herring could refer to #49, but I don't think so. Or it could mean that a certain part of the riddle was a red herring.Could it be possible
Could it be true
In Soviet Russia
red herring follow you!
QILLX GLVLX OGDSR RONOB NLVFV NGFSH RGHWV AMDWQ KI
EDIT2: Another idea could be that you don't need to do the atbash cipher, but rather the key is bash, and that poem about the red herring tells you that. Maybe.