If it's not a budget issue, my suggestion is to use the Phantom for both - hi-speed and 25fps. If you have and the Cinemag in the package, no doubts - use the Phantom. Better picture, better depth, much better in the dark areas. For both cameras you'll need good camera technician. For the Phantom you don't need so much lights (especially indoor) - the sensor is much more sensitive and there is no noise in the dark zones, that you will see if you choose Red. With the Phantom your picture will be sharper and with noisless details. From my experince any type of PL lenses works fine - Cookes S-4, Ultraprimes, the old Zeiss 1.3 - it depends of your taste.
The Red writes files that they say are great - if you decompile them you'll see that this is just Jpeg2000 compression. The Phantom cine files are great, full with details in the picture and even all the camera info is written there (without the lens size). The files conversion is very important - so, you'll need someone experienced with color grading, but even you at home can convert the files using the utility from Vision Research (it's free) or the Glue tool dongle for Final Cut (not free - about 700$). But the VR utility is good - my advice is try not to convert the files in avi or mov format - convert them in uncmpressed tif (filmstrip), after you can open the shots in Lightroom prehaps to grade the first image andf to apply the settings to the whole filmstrip. Also if you plan to transfer your movie to the 35mm, believ me the results with Phantom are much better than the Red. nfortunatelly the Red so far is a big marketing campaign without real results (just advertising).