No. Because the t-case would still be in 2Hi meaning it would be running with a gear ratio of 1:1. To be in 2Lo, it'd have to be able to be in a gear ratio of 2.72:1 or 4:1 (similar to the Low ratios of 4Lo) while leaving the front driveshaft out of the equation. In other words, 2Lo is equivalent to being in 4Lo, with the front driveshaft disconnected. Make sense?