The bundle product would be a virtual SKU which then holds the 2 components.
We do this type of setup with our bundle app. There are 2 options with it:
We unbundle the order post purchase so it shows the component order lines to be used for fulfilment purposes.
We recalculate the inventory available of the bundle item based on the component stock. So if different bundles contain same components they all get updated when one sells.
Let me know if you need a hand to get set up and run some tests.
Bundleup - bundle your products and unbundle your orders. Channelup is a product data management solution helping Shopify stores automate their processes. If you require custom development or would like to test out our features contact me at email@example.com