Adding a "if blank" statement to an existing formula

I currently have a formula (Below) that checks tolerances and determains if the number passes a criteria where V$2 is 0 and W$2 is 4. I would like to add an "If Blank" return True/Blank(havent decided yet) statement but cannot find a place to put it where it will work.

=IF(OR((AND(V7*0.95<=V$2,W7*0.95>V$2)),(AND(W7*0.95>=W$2,V7*0.95<W$2)),(AND(W7*0.95=V7*0.95,V7*0.95>=V$2,V7*0.95<=W$2,W7*0.95<=W$2)),(AND(V7<=V$2,W7>V$2)),(AND(W7>=W$2,V7<W$2)),(AND(W7=V7,V7>=V$2,V7<=W$2,W7<=W$2)),(AND(V7*1.05<=V$2,W7*1.05>V$2)),(AND(W7*1.05>=W$2,V7*1.05<W$2)),(AND(W7*1.05=V7*1.05,V7*1.05>=V$2,V7*1.05<=W$2,W7*1.05<=W$2))),TRUE,FALSE)

Thanks for your time!

=IF(OR(ISBLANK(V2),ISBLANK(W2)),"BLANK",
IF(OR(
(AND(V7*0.95<=V$2,W7*0.95>V$2)),
(AND(W7*0.95>=W$2,V7*0.95<W$2)),
(AND(W7*0.95=V7*0.95,V7*0.95>=V$2,V7*0.95<=W$2,W7*0.95<=W$2)),
(AND(V7<=V$2,W7>V$2)),
(AND(W7>=W$2,V7<W$2)),
(AND(W7=V7,V7>=V$2,V7<=W$2,W7<=W$2)),
(AND(V7*1.05<=V$2,W7*1.05>V$2)),
(AND(W7*1.05>=W$2,V7*1.05<W$2)),
(AND(W7*1.05=V7*1.05,V7*1.05>=V$2,V7*1.05<=W$2,W7*1.05<=W$2))),TRUE,FALSE))
'---
Jim Cone
Portland, Oregon USA
http://www.mediafire.com/PrimitiveSoftware
(free and commercial excel programs)