I've a 5 year old that tries to do the same thing. The answer is NO. Kids are heavy-handed and iPhones, iPods, and iPads are too expensive for kids of that age to be playing with. I've caught my son throwing an iPod across the room...sorry, I can't allow that. He's not allowed to touch them. If he cries about it, he goes to his room to cry it out. He'll go hoarse before I give in.
It's a learning and boundary issue. If you don't get it sorted out, you (and he) are gonna have other issues later on.
Keep the iPad locked. Keep it out of reach and/or out of sight. I'll hide the iPod from my son and as long as he doesn't see it, he's OK (out-of-sight, out-of-mind)...its a Jedi mind trick for fathers. Or, buy him a Leap product (LeapPad) as a distraction (plus, that's probably the better education tool anyways). We did that and now he barely asks for any iProduct. Another thing he does is instead of asking me now, he asks his mom (she easily caves)...I had a WTF moment with the wife and now we're in synch.
The bottom line for me is that what's mine is mine. If I'd wanted my kid to have it, I'd have given it to him outright. Besides, 2-yr-olds shouldn't have fragile electronics (good grief, we're still trying to determine if radio waves are causing cancer...do you honestly want your kid messing with such items at so young an age?). And the ultimate is that if he's controlling you like that now, you're going to be facing serious issues later. You're basically giving it to him so that he doesn't cry. As soon as he learns that that won't work, he'll change his tactic or lose interest.