Red Camera Workflow for Thesis Project!

Hello all. I am the editor of a team that is planning to shoot on the Red camera for our thesis film. My school, only has Avid. I plan to test the camera and how the post workflow works for both Avid and FCP (in some hope they will let me use it).

My questions are:

What format of files would I need to be able to take them into Avid Media Composer? Is it possible yet to use Avid with Red footage? How detailed is the process to import?

Also, if I were to use FCP - which has to be an easier workflow - Would my 2.16 Ghz Intel Core 2 Duo 24" iMac, with 2gb ram, grant me enough power to edit OFFLINE for a 20minute project?

My team isn't using the Red camera primarily to finish on 4K (although having the option is nice) but for other aesthetic reasons. We will plan to finish on HD Cam for the school's requirements. So I am wondering if my system can do what I will need it to.

Side question: Is there a Red camera deck that I could use on the set to layoff the imported footage from FCP to HD Cam? (I know, why would I want to do that... but to appease the school it may be my only option)

Any help, references, sites would be much appreciated.
Thank you very much.