Conditonal Formatting

thank you for the welcome pike.
I will share what I ended up doing to takle this problem so I can hopefully help someone in the future.
To keep this simple I will refer to the example I provided above.
I created 3 different conditional formatting rules by clicking on the conditional formatting tab - going down to new rule - and going down to "use a formula to determine which cells to format"
The three equations i used are as follows
=AND($A1="signal",$B1>=0.7)
=AND($A2="2-way stop",$B1>=0.3)
=AND($A1="4-way stop",$B1>=0.6)

select your format color you want to fill the boxes with and hit ok. then you will see next to your rule a tab that says "Applies to". Select all of the data that you want to check for these conditions and be highlighted.