The ENO hub has 15mm of horizontal movement. Each additional tooth moves the axle 1/8" (3-4mm). Both these facts are found on Sheldon's fixed gear conversion page
http://sheldonbrown.com/fixed-conversion.html
So yeah, should be no problem taking up 8mm of movement for 2 teeth. If you have a rear brake you will need to move the pads as the center of the wheel arcs around.
I just bought a 2nd gen ENO hub but I'm not flipping it.