2 subnets on single port

I would like to have 192.168.1.1 and 192.168.2.1 both on port 2. Dhcp will hand out 192.168.1.1 addresses, and 192.168.2.1 addresses will be reserved for static leases either on the device or by mac address reservation.

Can this be done?

Yep. Just add 192.168.2.1/24 IP address using the same interface, and you’re all set.
(well, I don’t know if the MAC reservation part will work, but it might - you could just try making a static lease and see if it works)