As far as I know, the model 1 sega cd only has one fuse. It's a green component marked as "F1" on the circuit board.
Here it is circled in green.
http://i.imgur.com/ZKbzo.jpg
By "red fuse", are you talking about the component to the bottom left of the fuse in the image? If so, it's a diode not a fuse. It may have shown no continuity in a test, since it only allows current flow in one direction.
I'm not really sure of a definite fix other than the fuse. Try jumping just the fuse and try turning it on for a second. I wouldn't let it run too long like that though. It's possible that jumping the diode caused the system to not turn on. (Or damaged something else)
If it doesn't power up by jumping the fuse, try following where the power goes to see if there is some other dead component.
Here is the schematic for the power input area of the SCD model 1. Maybe it can help you.