I'd definitely do both sites, and more then a few pages on each site as Google likes to see a few pages in your index and double listings are better then single
As for redirects there is no point just get a hosting package at somewhere like Hostgator that allow you to have multiple sites on the same hosting at a low price. You'll probably also want to build a few links to each in the forums, maybe submit the sites to a bunch of forums in the web design review
Cheers.