I've decided to give my first (non-striped) two-color project a whirl, and I've chosen Knitpicks "Simple Stripes" Fair Isle Sock
pattern. The beauty of it is that it looks like it's actully a 5 color pattern because you're using self-striping sock yarn. It looks like it's also a great opportunity to try using many different types of charted patterns on one small project.
I'd love the extra motivation of having someone else join me for the ride... some more experienced knitters who know the fair-isle ropes and some fellow charted color-work-phobic knitters like me would be fantastic!