It depends. There is something called Pre-Processing in Smoke, which will allow you to set up your import of .r3d files at a certain Debayer setting. Then at anytime in the timneline or in ConenctFX you can change the clip to another debayer/color setting. So you can import at 1/2 res and later change it to full res.
What is the resolution of your final deliverable? 1920x1080? 2K? 4K?
I would set the project up for that and then you can import your red files at an approprite size and quality for editing. Then if you need more out of your clip for VFX, then change the Pre-processing settings.
Senior Editor - Autodesk Smoke
WTHR-TV Indianapolis,IN, USA
I'm editing and comping multiple resolution red footage. 2k, 4k, etc. How does my preview and broadcast monitor adjust to this? I would like my client to see an image fit to screen. (resolution can wait)
And if you are doing editing and comping, when would you typically swich back to project or native resolution. On and of, or before coming?