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Is there a way for the search engines to find the new content? If you're blocking the old content from being crawled, even if there are redirects, it makes it that much harder for the new URLs to be found. Also, do you have a sitemap with the new URLs?

What would you guys recommend for the homepage?

Agreed. You should pretty much always focus on exact match for SEO. The best thing to do is to create unique content for both. If you have a blog, those could both easily be two different blog posts. Or if you have a product page only, then put one of those words on your product or category page and the other phrase on your blog pointing back to your category page, since it is relevant and legitimate to do so for both your customers/visitors and search engines.

Ok Forget keyword density, it only affect the site in a non user friendly way. This is what you should focus on(in my opinion), I call this the three simple keyword rule. Here we go: The title must have the keyword in it. eg: title: Rules for Friends with Benefits The heading shall reflect the title but in a more focused and detailed way, eg: These are the rules for friends with benefits. The content delivers the answer to the heading. eg: You will naturally include the keyword in the text content since you structured the article around the heading. Make sure that you start with a summary that reflect the title. Let's break this down in a descriptive way: The title describes the heading and content in a summary way with no more than 65 characters. this keeps it focused and relevant. The heading explains the title in a more detailed way. The content reflects the title and heading in a descriptive and informative way that has a summary that reflect the title and the full length article reflects the heading. There we are, now try to follow these rules and you don't need to wonder about the keyword density and you'll automatically create good content that is visible and often better than the competition in the SERP. Best, Gustav