Figured it out:
$('select#contact').change(function() {
var isPhone = $(this).find("option:selected").is('#phone');
var isEmail = $(this).find("option:selected").is('#email');
$('#cell').toggleClass('req', isPhone);
if ( isPhone === true ) {
$('#phoneNum').animate({'height':'show'}, 500);
} else if ( isPhone === false ){
$('#phoneNum').animate({'height':'hide'}, 200);
}
$('#Remail').toggleClass('req', isEmail);
if ( isEmail === true ) {
$('#emailAdd').animate({'height':'show'}, 500);
} else if ( isEmail === false ){
$('#emailAdd').animate({'height':'hide'}, 200);
}
});