sounds like male/female to me. if the smaller one has the orange, then the larger one is definately old enuf to be showing it i would think. the males are generally larger too. another thing you can look for, but might not be apparent in juvenile fish.... the males upper and lower fins (dorsal and anal?) will extend past the tail (caudel) fin. the blueish iridescence happens in both male and female i believe.
is there a problem with them?
i think i would suggest watching them for awhile tho. from the behavior you were describing they were guarding something, probably eggs or fry. something common for the species: parental violence after abortive mating attempts, especially in younger fish. i'm not sure if putting them in another tank will figure into this or not. but it's pretty common for the male to beat the female even to death after losing a batch of youngsters from what i have seen.
you might want to look into some sort of target fish to keep the male preoccupied. i also sort of hope you have them in a fairly large, unpopulated tank as convicts are pretty well known for being extremely aggressive when they breed. they have been known to do a number on other fish even if the convicts are smaller.
post back if you have any more questions.
edit: just noticed you were from ct too, welcome.

and the inevitable speeling problems.
i noticed i missed a question too, convicts really don't "school". sometimes they group, or they pair off, but they don't really follow each other around unless they're chasing each other.