While it is possible, to do a good job would be much more difficult than using a four gauge set-up. The reason I say this is because (in my experience at least) when balancing the carbs, the slightest adjustment to one carbs affect the vacuum reading on each of the other carbs, so there's a lot of back and forth adjusting. That's a relatively easy task with all the carbs attached to a gauge at the same time, but with only two, you would have to keep moving the gauges back and forth between carbs after each adjustment to see how it affected the other carbs.