What brand of BOV do you have?
Most I've seen are insanely over priced and I haven't seen one that actually uses blood oranges.
Its just orange juice, white vinegar, cider vinegar, sometimes grape juice, and often annatto for color.
I'd combine those ingredients in a pot with your favorite chiles and cook it down.
I've made very similar hot sauces with OJ and vinegars and they've come out great.
You don't really need the grape juice or annatto unless that's just your 'thang and you want the annatto for color but with bright colored chile's you don't really need it.
Whoop some out and posty up with pics.
We like pics.