Hi there,
I agree with your assessment of Blood deficiency. The rapid pulse indicates Heat. Muscle wasting can be from Spleen deficiency or too much Heat. What we do herbally depends on how we put these fragments together. I'm assuming that a forceful pulse meant that it raised your finger tip, in which case we have a form of Stasis as well, whether due to Liver Qi stagnation or an invading pathogen. The red tongue tip indicates Heart Fire.
On paper, these fragments can organize themselves a number of ways. We could theorize Blood deficiency causing Liver Qi stagnation; this results in Wood over controlling Earth to further impair Blood synthesis. The chronic Stasis produces Heat manifesting as a rapid forceful pulse and red tongue tip. If this intuitively made sense to you, then Xiao Yao San, or especially Jia Wei Xiao Yao San (Xiao Yao San with some blood moving, blood cooling and Heart cooling herbs added) would be in order.
A second possiblity would be an invading Heat pathogen. These tend to damage the Blood and Yin, creating muscle wasting, Blood stasis and secondary Blood deficiency. Heart Fire is created by the Heat pathogen being transferred to the Blood as it passes through the Heart. In addition, the impaired peripheral circulation doesn't allow the Blood to cool and the Heat pathogen to be dispersed. This is a common mechanism of hemolytic anemia and blood pathogens from a western point of view. This mechanism is treated by Qing Ying Tang.
Of the two, it's a bit of a toss up, but I'd go with choice number one, given the lack of any evidence to the contrary (e.g. evidence of an invading pathogen). If we're right, even Xiao Yao San should begin to rectify things. It's also a very safe formula, so we're unlikely to generate any problems in the event we're wrong.
Hope that helps! Let us know how it turns out.
Steve