The cape is indeed red and gold, like the OoT cape, but the pattern on the cape is the Melee one. The rest of his attire has various differences between the two, as well. This PM Ganondorf is halfway between the two.
It uses the Melee boots, the Melee cape attachment method, the Melee cape design, the OoT cape colors, pants and shirt are both black, like Melee, the top half of his... leotard thing is the OoT design, but the lower half is the Melee design, kneepads use elements of both, shoulders are kind of a cool mixture of both, gloves are mostly melee, belt is OoT, forehead crest thing is Melee.
Obviously, their goal was to try to use take the best of both worlds, though I personally would have preferred a pure OoT design. But most of that could be changed with just a retexture, which I'll probably do myself eventually.
I'm just picky.