Incoming LB using cloud IP

I have never used a peplink device so here goes my question.

I have a service (ROIP) that requires incoming direct IP connections and I want to add some type of fail-over ability without having to go with a full blown /24 subnet with BGP. Can I do a vpn between 2 peplink devices creating a layer2 VPN without any firewall, nat and other services?
Has anyone done anything like this before?

Yes. I have worked with multiple managed service providers and helped them build exactly that, a L2 VPN over bonded remote WAN connections back to a core datacentre where public IPs are distributed from to the customers remote end point devices over the Layer 2 link. Drop me a PM if want some help with the design.

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