Jeff,
Again, Like I said in the other post, you can adjust your X, Y, and Z offsets for T2 in the Tool Table. It's pretty easy to do. You just need to be sure that your CAM posts out a G43 H2 for T2.
What you're wanting, so I can clarify, is when T2 is called up, your X, Y, and Z offset is updated and the engraver is turned on. When T1 is called back up (Plasma torch) your X, Y, and Z, offsets are adjusted and the engraver is shut off?