We present a dual-modality imaging system combining laser speckle contrast imaging and oxygen-dependent quenching of phosphorescence to simultaneously map cortical blood flow and oxygen tension ($p_{\ce{O2}}$) in mice. Phosphorescence signal localization is achieved through the use of a digital micromirror device (DMD) that allows for selective excitation of arbitrary regions of interest. By targeting both excitation maxima of the oxygen-sensitive Oxyphor PtG4, we are able to examine the effects of excitation wavelength on the measured phosphorescence lifetime. We demonstrate the ability to measure the differences in $p_{\ce{O2}}$ between arteries and veins and large changes during a hyperoxic challenge. We dynamically monitor blood flow and $p_{\ce{O2}}$ during DMD-targeted photothrombotic occlusion of an arteriole and highlight the presence of an ischemia-induced depolarization. Chronic tracking of the ischemic lesion over eight days revealed a rapid recovery, with the targeted vessel fully reperfusing and $p_{\ce{O2}}$ returning to baseline values within five days. This system has broad applications for studying the acute and chronic pathophysiology of ischemic stroke and other vascular diseases of the brain.