deth2all from DIYP Instractables group came up with an ingenious way to combine the two. By using the famous Lee filters (They will ship them free to your door), deth2all was able to add the color transformation "feature" to the bare bulb film container flash. See the full tutorial here.
There are two nice things with this trick: The first is that you are not limited to the handful of colors the original Lomo had built in. The other niceness (can I say that ????) is that you do not need to buy a Colorsplash Lomo (though I highly recommend getting any Lomo you can put your hands on), you can use this on top of your DSLR.