If you like a stronger wheat taste, go with the red, if you like a mild taste, go with the white. You'll likely have to cook it for longer than the commercial Cream of Wheat....but that is a guess, since I don't eat it in either form....an overnight soaking would speed up the cooking time, too. "Cracked Wheat" is pretty fine, like meal, so I'd guess that is what you'd go for....something about the size of, say, poppy seeds or a tiny bit bigger.
Found this on cooking cracked wheat......use two cups liquid to one cup cracked wheat and simmer for 25 minutes.