So there's lots to touch on here, but I just want to say that I think you've got to decide which one has the most potential in core (and, to a certain degree, the not core but would be nice to have category) ratings. Whoever that is- well they should be attempted to redshirt first. Here's my quick breakdown:
Try to redshirt MP (most potential):
If he takes with no WE penalty, great, and then redshirt LP (less potential) for junior year where he is ideal already maxed out in cores.
If he has WE penalty, then the decision gets tricky, if after the penalty is applied, the player's WE is above 40 then I'd leave it. Otherwise, I'd probably switch it around.
The main takeaway is that ratings will not go down with that junior year red-shirt but it will (likely) stunt all future growth. And you can play them in exhibition games however I believe there is no benefit to growth from exhibition games.