Privacy settings are 'per profile' and there is not per se an approved way to designate different parts of the information on a profile with different privacy settings.
Also, I have to assume the person is alive (since they give knowledge and consent) so there is no way to make the profile 'green-dot' (public) - Yellow is the lowest private allowed for a living person.
My best suggestion on what you are hoping to achieve is: Move any private information (i.e. 'red dot') to a free-space page which can have it's own 'red dot' privacy setting - then change the profile privacy setting to whichever 'partially private' (orange, pale orange, or yellow) setting best suits the desired privacy for the remaining information. You can then simply link to the private free space page from the profile - everyone will know there is a link to more information but only people on the trusted list of the free space page itself will be able to see the information it contains.
This does mean someone needs to manage the trusted list for the free-space page(s) - and unlike profiles, which can be 'automatically' made public under certain criteria there is no way for the system to know that a free-space page has so-to-speak 'aged out'
