mtfield,
Is the budget just for the camera or for a camera package (case, extra batteries, tripod, filters/adapters, etc.,)? What kind of shooting are you going to be doing (mostly locked down, mostly handheld, guerilla style, etc.)? I'm assuming you already have, or have a separate budget for, adequate lighting and audio gear.
Before you decide/really lean towards the Scarlet camera I would offer these words of warning. First, no one knows when Scarlet will come out. If may come out 'on time' in 'early '09' or it may get delayed 6 months. And when it does come out no one knows how long the lag time will be between when you order the camera and when the camera gets shipped to you. If it's anything like the RED One there will be a deep back order for the camera so since you are planning a production for June make sure to have a back-up plan incase Scarlet falls though. Also, no one knows what kind of bugs the first batch of Scarlet cameras will have. Everyone is different, but personally I'll let other people sweat bullets and live on the bleeding edge of cutting technology.
Second, make sure to spend a lot of time reading up on the RED workflow for editing. It's not plug-n-play, it's not standardized, and it's not fast (transcodes are still much slower than real time AFAIK). It's obviously do-able because people are working w/RED footage right now, but there are a lot of places and ways to screw it up
Third, no one knows for sure, but IMO a Scarlet camera geared up to be used as a main camera is going to cost $5k on the low end.
Finally, it's not the gear it's how you use it. There is a good post over at the
Prolost blog squarely aimed at everyone who has said, "If only I had better gear I could make a sweet movie."
Lethal