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Currently I have master/slave setup in oscommerce and it works rather well. The customer can choose on a dropdown list on the master and then it adds one of the slaves to the cart. The master is shown while the slaves are always hidden.
One product that has 2 colors, blue and red.
-Blue product has sku 1 for 1st dropshipper and sku 2 for 2nd dropshipper
-Red product has the same sku for both dropshippers