Hey Joseph,
I think figuring out where the film will ultimately be screened will help you with your decision. If you are going directly to bluray, smaller festivals (smaller projections), etc, shooting apple pro res 444 in LogC will be sufficient (don't shoot rec709). If you plan on projecting at the arclight you might need the extra resolution and latitude that raw gives you (arri or red). Either will benefit from a good colorist. Last week I did 2 shoots with the Alexa and 2 with the Red MX. Very different looks, workflow, etc., however properly exposed footage on either camera would make the latitude argument mute In my opinion.
Good luck on the project.
Thomas