You dn't need to worry about cancer--repeated trauma doesn't cause cancer.
Red streaks suggest infection, not cancer. I don't see the need for a biopsy, at least not on grounds of red streaking.
If the wart refuses to respond and causes pain when walking, then surgery seems reasonable to consider, even though this is not often necessary for plantar warts.
I advise you to get an opinion on this matter from a surgically-oriented podiatrist. Many use laser or scalpel surgery to remove such warts. (The material would be tested as well when it's removed.) Warts may recur even after surgery, but given the facts as you presnt them, I think it's an approach worth getting an opinion or two on.
I also had plantar warts on my foot and they were fairly good size and were starting to really annoy me when I walked, jog, etc. I also tried over-the-counter ****, Aldara cream, and nothing worked. I agree you need to see a good podiatrist who does laser surgery. I had mine lasered off, the procedure took about an hour, in the office, and after about 3 weeks of bandages and hobbling around, the warts are completely gone. Forget those creams and go for laser surgery. I shoyld have done that a year ago....Good luck.