Calls coming into an OBi can only be answered at an "endpoint". OBi202 has three endpoints:
QuoteMy question is can I configure through OBITalk to have SP1 and SP2 utilze Phone jack one that is plugged into(with 4 wire RJ11 plug) line1/line2 plug of a 4 line analog phone.
Yes, you can wire Phone Port 1 as you suggest, but that's it - both your phone endpoints used up. Calls coming in via any SP have to be routed to an endpoint within that OBi or to an external endpoint via call forwarding.
You could set up SIP phones as additional endpoints on your network and get your OBi202 to route calls to them. If you are happy to use softphones on a PC, then these can be used as additional endpoints at a low or no cost.