Wanting two channels to switch back and forth between two colors and speed up.

one way to tackle that would be an absolute effect.

- record the two colors as color palettes
- create a new effect, choose Absolute. it already has two steps by default.
- in the Level column put the first color palette in the first row, the second palette in the second row.

this effect will fade from one color to the other.

- start the effect on the channels you want
- record as first cue.
- with an empty command line press Effect once, this opens the Effect Status Display (ESD)
- type the number of the absolute effect and then use the Rate encoder to speed up the effect (or click the cell in the Rate column and enter a higher number
-record second cue.

Thanks I was able to do just what you suggested. This also helped me understand effects better.