I have not personally worked with red footage but know quite abit about the conversion process where I work. If you want to edit native R3d files its only worth doing that if your in a rush to edit and get it out the door (or prehaps if you dont undersand conversion of R3d
If you have a pipeline with a colourist, vfx etc which is more likely you will want to take the R3d file in to Red cine and do a conversion to a DPX format using the redlog gamma and RedColour2 colour space. This tends to be the more standard work flow.
If your somewhere inbetween the two and doing grading in after effects and editing in premiere you may want to concider converting to a Pro Res 4:4:4.
Each have pros and cons, 1st method is slower imo for a feature as you have to handle the bigger files through the whole process. Option 2 is usually is prob the most used as you are keeping a lot of the latitude of the R3d for grading and its less buky, all decent editing programs can handle log DPX. But it takes some understanding so you dont f the whole thing up. 3rd method is best I would guess if you are just using premiere and not going pro with grading. It also dosent take a massive understanding of colourspace etc and is easy to work with in the programs you suggest.
Hopefully this points you in the right direction.