I've had a breeding pair of Ecsenius graveri (The Red Sea Mimic Blenny, a close relative)....never got past egg laying though. Iris has a breeding pair of Tailspot Blennies, another closely related species. Don't know if she's raised any. And yet another one, the Goldentail Blenny, has been successfully reared by Proaquatix. So it's definitely "possible" that someone, somewhere, has breed and successfully raised Bicolor Blennies, but as of this time I've never seen any evidence or claims personally.
Matt