"Yes" is the short answer to your question Richard,
It is compliant to have one of each. The red flares are still visible during the day but the orange smoke flares leave a mighty trail to follow upwind, and as such, they are much preferred for daytime search and rescues. (they also continue to spew out the floating smoke underwater if you accidentally drop them which is another plus...)
Having two red is not on, but one of each is fine.
See you up there.

Regards
Dan