No way, man. That sounds extremely hard to do. If you have both color sections cut out (but only weeded for the darker color) at the get-go, you dye the darker color first and then pull off the vinyl for the lighter color and re-dip it.
The dye colors blend together (along with the color of plastic), so it is best suited for black/any other color. You can get some nice shading effects using all one color for numerous dip n' peels, like that corgi disc
. It was dipped in blue- once forever (effectively black), then twice for shorter periods with more vinyl peeled each time.
We are not like those other golfers. We throw our clubs and keep our balls where they belong. -Ol' Bob