if you put a torque convertor on it then yes that would rock. If you put a normal clutch on it, then it will run ok, just not very strong. So, if the motor is free, I'd get spend the money on a convertor. if you have to buy an engine, i'd just buy a bigger engine and use a clutch.
yeah 2 is low, but work with what you got, if you use craigslist or ebay. Ive see 5hp as low as 45 alone and sometime there is whole snowblowers with 7hp engines on them with bad auger so its like a free engine and clutch after you get it running.