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You said you currrently use "blue / red widgets" - so there is no direct proximity for words "blue" and "widgets". If the title you used were "red / blue widgets" you might rank better for "blue widgets" but worse for "red widgets".
Thread here: [webmasterworld.com...]
Frankly, you would be best with two separate destination pages as it is much easier to get a focussed page ranked. By trying to capture two keywords on the same page, you will likely rank for neither. Remember that you need co-occurences, and preferably properly constructed markup, using the Header tags (<H1>, <H2>, <H3>, and possibly further). Not so easy to do properly for an unfocussed page.