Only if "red" and "blue" are pronounced as rhymes in the common parlance of a lot of people.   

Some say "love" doesn't actually rhyme with "of," either, but the way a lot of people talk, it does.

I'm used to pronouncing "whales" and "wales" decidedly differently. People in some regions don't.

Anyway, as several people have acknowledged, near-rhymes often work just fine in songs.
I certainly don't mind "little" being coupled with "middle."