If we assume not all races are 1/4 mile shootouts...then it actually depends on what race is being run.

1 mile / 2 mile runs for example, the demon will not be able to hold the lead in 808 mode. 11 hp simply wont do it.
The redeye has the notible edge at speeds approaching & certainly moving over 150'sh mph, due to the reduction in drag the raisin bran hood has over the demon hood (per FCA). I also think the demon is slightly taller stock/stock than the HC/redeye.
Both elements factor in to limit its top end capability from an aero standpoint and with that, the HC/RE would begin to gain any lost ground back that a demon possibly took during the 1st 2000 ft.