Let's say I've targeted 2 keyword phrases to try and rank well for: cheap blue widgets fuzzy blue widgets Does it make sense to use "cheap fuzzy blue widgets" in title tags, anchor text etc as a way of targeting both phrases?
In a way yeah as both do come out to be 2 different keyphrases. However you should get better results targetting one backlink as cheap blue widgets and other backlinks as fuzzy blue widgets. It's a good way to make sure your not sandboxed for just one term, say cheap blue widgets.