I'm one word, made from two parts.
Before this clause, some people I asked.
One thought it was time to take chances!
Another left to go where the dance is.
Because they were lateral and did not combine
In truth, of battle I am a sign.
In a very broad sense, the second word can be used to mean "applicator".
This is the logic behind lines 2 and 5.
Thus, lines 3 and 4 describe the first word.
Hint 3 + requirement specification:
The title could be as much useful as the entire riddle, and its explanation is needed for the answer.
The calamity woman loves hers.
Spreads, amount depends on type.
Very dangerous up-close