Cook rice in boiling water 7 minutes. Add peas; cover and cook 3 minutes. Drain well; set aside.
While the rice cooks, combine hot water and saffron threads in a small bowl. Heat a large nonstick skillet over medium-high heat. Add chorizo, and cook for 3 minutes or until lightly browned, turning once. Add shrimp and the next 4 ingredients (shrimp through red pepper), and sauté for 3 minutes. Add the saffron mixture and tomatoes, and bring to a boil. Reduce heat, and simmer for 4 minutes, stirring occasionally. Stir in rice and peas.