I’m actually saying tape is faster. Not RED. RED is a lot more like shooting film: once you’ve exposed the negative, it needs to go into the lab for processing and dailies. There’s a lot of “sitting around processing” RED files before you can really start editing with them.
Frankly if you’ve never worked a RED job before and this is what the team decides to shoot, you really need to get a camera in hand, shoot a bunch of stuff, and practice the RED workflow. It’s really cool, but it’s got a ton of idiosyncrasies that you need to be accustomed to.
I highly recommend NOT letting someone else do your quicktime conversion. Everything can and should be done by the editor (or his assistant) with RED. This includes the re-conform to 2k RED after your edit is done. I’ve worked at a large facility where we processed RED into AVID quicktimes and then tried to re-conform 2k RED from AVID EDLs…. a disaster. We ended up eye-matching everything.
Like I mention, get your hands on a RED and play with it before starting the real project. A lot of people on the forums here and on the RED forums can help you with the learning curve.