Using "respectively" with "and" vs. "or"
Using and would turn this sentence into a garden-path one:
If the light changes from red to blue or from blue to red, you must catch and throw the ball, respectively.
The reader will parse catch and throw as a single unit ("whenever the light changes in whichever direction, catch the ball and throw it"), then stumble and fall over the respectively that makes no sense, be forced to go back and re-parse.
So the sentence is fine as written.