Multiple formatters for a field collection - best approach?
This sounds like it would be best output as two separate views.  The first view would be set in your first format and the second in the other format.  Probably using a view template of some sort.  The issue is that the field collections attached to the node are actually referenced separately and you only know they belong to the same node because the field collection entity has a reference to the NID.

The view would reference by nid in the contextual filters.

The other option is to programmatically load the fields via the node.tpl.php file (assuming you are loading them on the node page). in which you simply gather the data via the $node object and display it as you need.

https://drupal.org/project/field_collection_views

https://api.drupal.org/api/drupal/modules%21node%21node.tpl.php/7

http://www.youtube.com/watch?v=_GlfYhsk3X0