Q1: What does this card's 1st effect do, exactly?
To meet color requirements, normally you must have a Digimon or Tamer in your area that's the same color as the corresponding Option card. However, with this effect, this card's color requirements are met when you have a red Digimon or Tamer in the area.
Q2: Does this card's 1st effect mean that this card's color requirements are met even when I have a red Digimon in the breeding area?
Yes, the color requirements are met when you have a red Digimon in the breeding area.
Wisteria Memory Boost! LM-034 P Red also meets this card's color requirements. [Main] Reveal the top 3 cards of your deck. Add 1 blue or red Digimon card among them to the hand. Return the rest to the bottom of the deck. Then, place this card in the battle area. [Main] <Delay> • Gain 2 memory. --- [Security] Place this card in the battle area.
Wisteria Memory Boost! LM-034 P Red also meets this card's color requirements. [Main] Reveal the top 3 cards of your deck. Add 1 blue or red Digimon card among them to the hand. Return the rest to the bottom of the deck. Then, place this card in the battle area. [Main] <Delay> • Gain 2 memory. --- [Security] Place this card in the battle area.
Wisteria Memory Boost! LM-034 P {{Colour|Red}} also meets this card's color requirements. [Main] Reveal the top 3 cards of your deck. Add 1 {{Colour|blue}} or {{Colour|red}} Digimon card among them to the hand. Return the rest to the bottom of deck. Then, place this card in the battle area. [Main] <Delay> • Gain 2 memory. ---
ウィスタリア• メモリーブースト!! LM-034 P このカードは赤でも色条件を満たせる。 【メイン】自分のデッキの上から3枚オープンする。その中の青/赤のデジモンカード1枚を手札に加える。残りはデッキの下に戻す。その後、このカードをバトルエリアに置く。 【メイン】≪ディレイ≫ • メモリー+2。 --- 【セキュリティ】このカードをバトルエリアに置く。