Hmmm. One su(2) is a symmetry OF space-time, and one su(2) is a symmetry ON space-time. when we say ``spin'' we are refering to the particle's transformation properties under the Lorentz group. I have failed
miserably at explaining most of these things to you, but that still won't stop me!
Good! Part of the problem here is we are using rather different notations, but this time I'll resist the temptation to be overly pedantic.
First, as far as I am aware, symmetry is described by the
group, so what you call su(2) I would prefer to call SU(2).
Second, the distinction you make between symmetries OF and ON, I think I would call the difference between a realization and a representation, respectively. This is because the former tells us what the group IS, the latter tells us what it DOES (to a vector space), loosely speaking
We can decompose so(4) as su(2)xsu(2). Actually, there is an isomorphism, as people who are smarter than me tell me, and we write $$so(4)\sim su(2)_L \otimes su(2)_R$$ where the `L' and `R' stand for `left' and `right' respectively.
Once again, the "otimes" is an operation on groups (the group direct product), and I
think that chirality is a group property, since it is a form of (anti)symmetry. All this is to clarify, not criticize!
Let's accept my interpretation for now and ask what might be the algebra of $$SU(2) \otimes SU(2)$$. I'm guessing that it will be the direct sum of their two algebras $$su_2 \oplus su_2$$.
I think we can do better than this by noting that there is an isomorphism $$su_2 \otimes \mathbb{C} \sim sl_2(\mathbb{C})$$. I'd like to make use of this, because I was once shown how to work out the roots of $$sl_2(\mathbb{C}) \oplus sl_2(\mathbb{C})$$ which, when expressed as row vectors on the dual basis turned out to be precisely (2,0) and (0,2)!
Fermions live in (2,0) or (0,2) representations, which is the genisis for the name ``left-handed'' and ``right-handed''.
I have no real reason (other that this possible coincidence) to think this what you are getting at, although I was once told that physical observables are the eigenvalues for the action of some operator on a vector space.
Since a root is a linear functional that returns the eigenvalue for each vector in my space, it is certainly
possible this is what you mean. I have no intention of showing the full derivation (it runs to 5 pages in portable document format), though I could, I think, if anyone were sufficiently interested, succinctly outline the steps (that is,assuming I'm not talking out my ear again)