I intended to raise rabbits for meat, but pet sales paid for them. The only way that breeding for show, 4-H stock works well is having a way to deal with culls that doesnt affect your market or reputation (a.k.a. eating them).
My advice is to get a nearly show quality trio of any breed that is desirable but not terribly popular, and appropriate for meat. Breed selectively, cull heavily. The culls fill your freezer, and sell as pets in $40+ price range, and sell show potential in $60+ range. Desirable show rabbits routinely go for $100 - $200. Doesnt take too many pet or show sales to get them paying for themselves, and anything that doesnt sell goes to your freezer.
Red-eyed white is not desired in pet sales, so steer clear of that if you might try pet sales, and cull out what you can. Pet buyers pick by color and sometimes temperament. Show buyers start with structure first.
Re: feed, hay is best and pellets only should be a small part, usually 1 Tablespoon per pound of rabbit per day. They eat way more hay or grass than people expect. Keeping them on grass is an option at times, but they'll need a large space or to be moved frequently.
