Conditional Tag Custom Querys?

You can use the have_posts function. For more information, visit The Loop

<?php
$loop1 = new WP_Query( array( 
    'post_type' => 'profile',
    'profile-type' => 'featured',
    'posts_per_page' => '-1' ) );
$loop2 = new WP_Query( array( 
    'post_type' => 'films',
    'film-type' => 'featured',
    'posts_per_page' => '-1' ) );

if($loop1->have_posts()) {
    while($loop1->have_posts()) {
        $loop1->the_post();
        // content here
    }
} elseif($loop2->have_posts()) {
    while($loop1->have_posts()) {
        $loop1->the_post();
        // content here
    }
} else {
    // content if all else fails
}
?>