Help with merging 2 "IF" segments.

RonM

I'd like to merge these into one formula for Schedule Health, so I can convert into a column formula. 

=IF(Level@row < 2, IF(COUNTIF(CHILDREN(), "Blue") = COUNT(CHILDREN()), "Blue", IF(COUNTIF(CHILDREN(), "Green") = COUNT(CHILDREN()), "Green", IF(COUNTIF(CHILDREN(), "Red") > 0, "Red", "Yellow"))))

or

=IF(Level@row >= 2, IF([Late Task]@row = 1, "Red", IF(Status@row = "On Hold", "Red", IF(AND([End Date]@row - TODAY() < 3, [% Complete]@row < 0.5), "Yellow", IF([Start Date]@row > TODAY(), "Blue", "Green")))))

Thanks in Advance. 

BullandKhmer

=IF(Level@row < 2,IF(COUNTIF(CHILDREN(), "Blue") = COUNT(CHILDREN()), "Blue", IF(COUNTIF(CHILDREN(), "Green") = COUNT(CHILDREN()), "Green", IF(COUNTIF(CHILDREN(), "Red") > 0, "Red", "Yellow")),IF([Late Task]@row = 1, "Red", IF(Status@row = "On Hold", "Red", IF(AND([End Date]@row - TODAY() < 3, [% Complete]@row < 0.5), "Yellow", IF([Start Date]@row > TODAY(), "Blue", "Green"))))