Bias: No, it's not possible, and that's why you need both. A blue-biased yellow has a greenish tinge. If mixed with red this bias introduces a complimentary component to red, resulting in gray, which dulls the orange you actually wanted. The result is more muddy, brownish and not vibrant. This goes for all media, not just oils.
Ex.: Lemon Yellow plus red makes a crappy orange, but mixed with Pthalo Blue it makes a nice green. The bias comes from the pigments themselves, so it can't be compensated.
Okay, I see ! That's really interesting. It's surely this subtlety that gives the colours of professional painters their vibrancy, compared with beginners.