I think that you already somewhat have the answer for you question, shoot in 1920x1080 h264.
+) RAW has benefits in dynamic range and color detail.
-) RAW is rather cumbersome workflow, and I'm not that sure you would really benefit form it (you would not ask the question, if you know that you for sure would)
?) is everything else up to spec? enough storage, fast enough computer to edit with. what's about dailies? It is not only a question of format but a whole workflow an philosophy.
I gather that you have only one 800x card? how then you can shoot without having a break every half an hour to download the footage?
I would just shoot in a flat profile and ramp up the bit rate for h264. but check every clip in play on camera, because few times it did not ramp it up, but down on my 7D. with my 400x cards I can go 1.3-1.5x stable, and there is a notable difference in finer detail.
Remember - what ever the short the film is about, it is first about the story and how well you can tell it, gear is secondary. Think of the workflow, witch one would help and witch one would hinder it?