Yes that is what I want. If I choose 2 colors the items will split between them.You need to have a wooden pipe in the direction you don't want items to go (i.e. back). This means that unfortunately your setup can't be as compact as in the picture.
Also, based on your original post, iron pipes might not be the solution (at least not by themselves). If both red and blue levers are on, do you want items to split between the red and blue exits?