I would use my mini tube pans and would like to just drizzle the 'frosting' over each, but I"m kind of fond of cream cheese in frosting although I haven't tried it with red velvet.
go for it. I added some white chocolate chips to some cream cheese and heated it in the microwave a
bit to soften and melt. then added the butter and powdered sugar till I had a soft icing consistency. The white chocolate helped it "set up" and be nice and smooth.