Jim
when you graft a plant anything above the graft will be the color of the plant you get the branch off of. IF any brances are growing below the graft yes you can have 2 color flowers. all branches below the graft are original flowers of the rooting stock. I have several grafted plants that have branches above and below the graft and waiting for the blooms so i can see 2 different blooms on 1 plant.
the only thing i can say about the grafting tape is that it wont slip when doing the wrapping. yes it is sticky on 1 side.
good luck
mike