multiple keywords for one site & linkwheel question?

OK, so most of my pages thus far have been informational or news type sites using adsense. As I progress into SEO even more, I want to now explore affiliate marketing, utilizing affiliate programs like amazon. I do have a few questions, however..

If I have a somewhat narrowed down niche, like 'wooden bracelets' for example, and I want to also rank for 'red wooden bracelets' and 'blue wooden bracelets", I was thinking of a domain like:

http://www.buywoodenbracelets.com

What is the best way to effectively optimize my site with that domain name to get also get traffic for more specific keywords like 'red wooden bracelets' and 'blue wooden bracelets'. Additionally, under my Market Samurai analysis, the more specific keywords(blue, red wooden bracelets) get more potential traffic than the main keyword itself(wooden bracelets). Should I build separate domains in this case? Any body have experience with that?

Also, I plan on building a mini-net(linkwheel) for this particular site. Should I point my web 2.0 properties to the main page or the sub pages? Will the 'link juice' pass from the web 2.0 properties down to the sub page and to the home page? For instance, if I were to build a 6 spoke property, would it hurt to link the outside web 2.0 properties to both the main site and my sub pages? or would linking them directly to the sub pages be good enough since those sub pages are pointing to the home page anyways?

I know I just asked a shit ton of questions in the last 2 paragraphs, but if anyone has any advice to any part or all of what I inquired about, I'd appreciate it!

1. Why don't you simply buy the buywoodenbracelets (dot) com domain and create a subpage of buywoodenbracelets (dot) com/redwoodenbracetlets for the red wooden bracelets keyword, and buywoodenbracelets (dot) com/bluewoodenbracetlets for the blue wooden bracelets keyword? Then you can have the whole kw phrase in your separate titles.

2. Yes, the web 2.0 "link juice" will pass from the subpage to the homepage if you include a ******** link on the sub page.

If you were to set up your main domain "wooden bracelets" and then make a post with the title "blue wooden bracelets" then you will not need subdomains. Your URL will be: woodenbracelts.com/bluewoodenbracelets, so you will have your keywords in the URL and page title, then sprinkle your keyword (blue wooden braceltes) once about ever 100 words.

Make a post for each of the keywords you are targeting.

I would build a link wheel targeting each page on my site. If you are going to build only one link wheel then switch the keyword anchors (rotate through red wooden bracelets, blue wooden bracelts, wooden bracelets and point the anchor to the corresponding page) pointing to your site or stick to the keyword with the most searches. That way your whole site gets indexed and has authority links pointing at it.