Think about it this way - YLO+BLU failure only the flaps will run. Select VFE-5 and at VFE (230kts) select Flaps1. Barbers pole will come down to 200Kts (for Flap2) because you have moved the Flap Lever to 1 - but nothing has happened - you are still clean!! You can therefore fly into the barber's pole and not get an overspeed warning because that is computed according to the actual flap position.
Any clearer? If not, apologies.