Why are you transcoding? I'd use the 4K assets in my 1080 sequence and scale and/or crop as necessary. This gives you a lot more latitude for reframing, etc as you work, and it also means that you can go back to the RED color settings at any time throughout the process.
---------------------------------------------------------------------------------------------------------
Todd Kopriva, Adobe Systems Incorporated
product manager, professional video software
After Effects team blog
Premiere Pro team blog
---------------------------------------------------------------------------------------------------------