Connecting two devices to one phone
Yes you can do this by buying a bluetooth speaker and a pluggable microphone. I would recommend using the Ultra Slim Bluetooth Speaker as the bluetooth speaker (it is available for $50, pretty affordable) and the Zoom iQ7 as your microphone ($99.99). In Zoom iQ7, there is a headphone plug so you might not even need the speaker if you have the Zoom iQ7.