Preheat the oven to 350°F (175°C). Spray a 9x13-inch baking pan with nonstick spray and set aside.
Place the Oreo cookies in a food processor or high-powered blender and pulse until finely ground.
Add the melted butter to the crushed Oreos and pulse or stir until the mixture is evenly moistened.
Press the Oreo mixture firmly into the bottom of the prepared 9x13 pan to form an even crust.
Bake the crust for 5–8 minutes, until slightly toasted. Remove from oven and let cool while you prepare the layers.
In a mixing bowl, beat the 8 ounces low-fat cream cheese, 1 cup granulated sugar, 8 ounces Cool Whip, and 1 teaspoon lemon juice with a hand mixer until smooth and combined.
In a separate bowl, whisk or beat the instant chocolate pudding mix with 3 cups milk for about 2 minutes until it thickens. Then beat in the 4 ounces cream cheese until smooth; add red food coloring a few drops at a time until you reach the desired red velvet color.
Spread the cream cheese mixture evenly over the cooled Oreo crust as the first (cheesecake) layer.
Spoon the red velvet pudding mixture on top of the cheesecake layer and smooth it into an even layer.
Top with the remaining 8 ounces Cool Whip, spreading it evenly, then sprinkle 1 cup mini chocolate chips over the top.
Chill the dessert in the refrigerator or freezer for at least 1 hour before serving; serve chilled or frozen as preferred.