Preheat oven to 350°F (180°C). Spray 2 tall-sided 8-inch round cake pans with baking spray wih flour.
For vanilla layer: In the bowl of a stand mixer fitted with the paddle attachment, beat butter and sugar at medium speed until fluffy, 3 to 4 minutes, stopping to scrape sides of bowl. Add eggs, one at a time, beating well after each addition. Beat in vanilla bean paste.
In a medium bowl, whisk together flour, baking powder, and salt. With mixer on low speed, gradually add flour mixture to butter mixture alternately with milk, beginning and ending with flour mixture, beating just until combined after each addition. Pour batter into a prepared pan, smoothing top with an offset spatula.
For red velvet layer: Clean bowl of stand mixer and paddle attachment. Using the paddle attachment, beat butter and sugar at medium speed until fluffy, 3 to 4 minutes, stopping to scrape sides of bowl. Add eggs, one at a time, beating well after each addition. Beat in vanilla extract.
In a medium bowl, whisk together flour, cocoa, baking powder, and salt. With mixer on low speed, gradually add flour mixture to butter mixture alternately with milk, beginning and ending with flour mixture, beating just until combined after each addition. Beat in food coloring. Pour batter into remaining prepared pan, smoothing top with an offset spatula.
Bake until a wooden pick inserted in center comes out clean, 35 to 40 minutes. Let cool in pans for 10 minutes. Remove from pans, and let cool completely on wire racks.
Trim cooled cake layers flat; cut each layer in half horizontally. Place a red velvet cake layer on a cake plate. Brush with 2 tablespoons (36 grams) Vanilla Simple Syrup; spread 1 cup (225 grams) Cream Cheese Frosting on top. Place a red vanilla cake layer on top of frosting, and brush with 2 tablespoons (36 grams) simple syrup; spread 1 cup (225 grams) frosting on top. Repeat procedure with remaining red velvet layer. Top with remaining vanilla layer and brush with remaining Vanilla Simple Syrup. Spread a thin layer of frosting on top and sides of cake to create a crumb coat. Refrigerate until crumb coat is set, about 45 minutes. Cover remaining frosting, and refrigerate until ready to use.
Using a spatula, fold remaining frosting until a spreadable consistency is reached. Reserve 3½ cups (788 grams) frosting. Spread remaining frosting on top of cake, swirling as desired. Place reserved frosting in a large pastry bag fitted with a ½-inch open star piping tip (Ateco #824). Pipe 1¼-inch-wide ribbons in a zigzag motion up sides of cake. Refrigerate until ready to serve.