Line a small baking sheet that will fit in your freezer with parchment paper.
Heat treat flour. Details above.
Cream together butter and both sugars using an electric hand mixer in a medium-size mixing bowl. Add vanilla and milk and mix until well incorporated. Add flour, cocoa powder, and salt and mix until combined. Add 1 teaspoon red food coloring. Mix until the color is incorporated throughout. Add another 1/2 teaspoon if needed for the desired color. Mix well. Stir in white chocolate chips* until combined. These white chocolate chips are optional, just leave them out if you prefer.
½ cup unsalted butter, ¼ cup granulated sugar, ½ cup brown sugar, 2 tablespoons whole milk, ½ teaspoon pure vanilla extract, 1 and ¼ cups all-purpose flour, ½ tablespoon unsweetened cocoa powder, ½ teaspoon salt, 1 to 1 ½ teaspoons red food coloring, ¾ cup white chocolate chips* , 24 ounces white chocolate
Using a small ice cream or cookie scoop, scoop the dough into even portions. Use your hands if necessary to form into balls about 1 inch in diameter. Place balls on the baking sheet you prepped earlier. Freeze for at least 15 minutes or overnight. If you freeze them overnight, sit out of the freezer for at least 15 minutes before dipping. This will prevent them from cracking.
Lay a large piece of parchment paper out on the counter or table. Place cocoa candy coating into a microwave-safe bowl and heat on 50 percent power in 30-second increments until melted stirring well after every 30 seconds. Add 1/2 teaspoon solid vegetable shortening and stir. Place one red velvet cookie dough ball on the end of a fork and use a spoon to pour the melted chocolate over it. Allow excess chocolate to drip off. Place on the parchment paper to dry. Add sprinkles or decorations immediately before the chocolate begins to dry and harden. Repeat until all the balls are coated. If chocolate begins to harden, microwave and stir until smooth and continue dipping.