So assume you're targeting a two word term "keyword1 keyword2". You can always get links using that exact phrase to help you in the serps...that's obvious. But. What if you were to get tons of links using both keywords, but only 1 at a time. So, for an example... if you're targeting "gold watch", but have tons of links for "gold" and also tons of links for "watch"... would the effects of both links combine to help you rank for "gold watch" ? this is one of those questions i probably should have figured out by now, but the issue has never come up until now.
Yes mix up the anchor text for incoming links. The basics you described is about right but don't get "tons" of links. Quality links out-weigh the quantity.
I understand getting "gold watch" "gold watches" "watch made of gold", etc, but will just "gold" plus other links with simply "watch" eventually combine to help rank "gold watch"?