Managing files from a RED camera is a bit diffrent than working with normal files. The 4k resolution and the raw images you are able to extract from the camera needs another workflow to stay as uncompressed as possible. Although my final delivery will be in 1080p, it is still good to now the workflow and when it is time to reformat them. Here is a workflowchart I made based on Simon Tingells lecture.
If you are able to, you want to stay in premier as much as you can. For my project however, I want to take the clips into nuke to be able to do the compositng I need. I am more comfortable with grading in nuke and since I need to do some greenscreen-work, cg implementation and 2d tracking, nuke is my first choice of program to do this.
First you edit/cut your clips in premier. Then send a xml-file to REDCINE-x were you are able to edit iso, tempertaure, exposrue and so on. Yes, these settings can be changed in both permier and nuke, the important part is that you change gamma to redlogfilm and export the frames in dpx (1080p in my case). The dpx will later be red as colorspace cineon in nuke. Which will give the images correct gamma to work within nuke. When you later export the files to premier (once again as dpx) for final editing and effects transitions, you have to add a cineon converter filter to each clip in prermier. Otherwise premier will read the files as sRGB as default. For me, it will be unnecessary heavy to work with 4k in nuke for most of my shots. However, in my heroshot I have a greenscreen and as I will be doing greenscreen and dispill removal, I think I will keep it in 4k to have as much information as I can.