I read the paper on Thursdays.

Is this about the past or the present?

You can't tell. It could be a habit you still have, or one you've given up. In speech there's no confusion: you either say reed or red. Once written down, however, the information is lost.

The fix

Present

I read the paper on Thursdays.

Past

I red the paper on Thursdays.

Precedent

English already has a well-established pattern for solving this. Nobody writes "Yesterday I lead the team". We write led.

PresentPastPast participle
leadledhave led
feedfedhave fed
bleedbledhave bled
readredhave red

But "red" is a color!

It is, and that's also true in speech. This overlap has always been there and causes no problems. We don't mistake "have red the book" for the color when speaking, because verbs and adjectives have different places and roles.

This change will add no new cases of ambiguity that don't already exist in speech.

How to join

Just start writing it. For better or for worse, English is the people's language. It has no governing body. Once enough of us have red this, we'll be right.