I haven't done a Red show, but I've studied the workflow in anticipation of my first one. I think the more-or-less-accepted state of the art is:
1. Either take the camera Quicktimes or, if you want to change the color space or apply a basic look, create new ones in Red Alert.
2. Batch them through Compressor to create ProRes proxies.
3. Cut the proxies into a ProRes timeline.
4. Export an XML of your timeline.
5. Use Crimson Workflow (a program that costs around $120 or so if I remember correctly) to export DPX sequences from your R3Ds based on your XML via Redline.
6. Conform your timeline with an XML or EDL, and grade those DPXs in Color or Lustre or whatever.