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If you are refering to Nannostomus mortenthaleri, then I do breed them from time to time. They are not particularly hard to breed. The hard part is getting good breeding stock. WC fish has a very high fatality rate particularly among the females making them mostly (if not all) males by the time you see them in the LFS.
I've found them to be quite hardy (IF they survive collecting & transport stress) but surprisingly vicious (among their own kind) for a pencilfish. Imagine a Mexican or Buenos Aires tetra attitude in a pencilfish body. I have not spawned them, but some day ...
The other new red pencil called "coral 2" (rubrocaudatus) is more peaceful like typical pencilfish (in my very limited experience).