I made this cake for a ten year old's birthday party. She wanted a red velvet cake with hot pink zebra stripes but wasn't having a large number of guests. So we settled on a double layer six inch cake to get the look she was going for (these are still pretty big...they end up being about four inches tall so they will feed 11 or 12 people) and a dozen cupcakes for ease.
Red velvet under white fondant can be tricky - I like to wrap the cake up really well in plastic wrap to keep the air out, freeze it for at least an hour, then do a crumb coat and chill again. Once that initial coat is on, it's easier to smooth the cake and add the fondant without a bunch of red crumbs showing through.