As I am more familiar with fakeroot, I'd like to keep using that, but
at the same time, I'd like to do it the "Red Hat way" to ensure that the
package conforms to both Red Hat and Fedora packaging standards.
Mock would be recommended as it's the way packages are built on koji... Mock is really just a python wrapper that allows you to build packages for different versions of Fedora in a clean chroot with just the build requirements specified in the spec file installed (and some standard ones). It caches packages to make building the chroot faster and that way you only start with a clean chroot unless your specify otherwise.
I'm not familiar with fakeroot but I assume you set it up and leave the fake root installed?
Check out the following links and it should get you started: