I couldn't get only two-finger scrolling to work, but I was able to expand the edge scrolling so it takes over the whole pad. That works for me. Here's what I did:
1) Enable edge scrolling vertically and horizontally, but not "coasting":
xinput --set-prop 'SynPS/2 Synaptics TouchPad' 'Synaptics Edge Scrolling' 1 1 0
2) Set the left and right "edges" of the trackpad to be 0. They default to being some value in the thousands, making a little border. Use xinput --list-props to find the initial values — the 4282 value for the bottom edge comes from that. I've also set the top edge to 0, on the grounds that that doesn't hurt.
xinput --set-prop 'SynPS/2 Synaptics TouchPad' 'Synaptics Edges' 0 0 0 4282
3) Set the scrolling distance (amount your finger has to move before triggering a scroll event) to about double the default, because that was too fast:
xinput --set-prop 'SynPS/2 Synaptics TouchPad' 'Synaptics Scrolling Distance' 250 250
With this, I can use the touchpad just to scroll, without it moving the cursor around. (And the high distance set above keeps me from triggering it accidentally.)
xinputto float the device (though maybe that'll break scrolling)? – derobert Oct 19 '12 at 18:27