Can I substitute two percent milk for low fat milk and bourbon in a cake recipe?
While seeing the recipe might help (feel free to edit your answer to add the recipe and method), I feel pretty safe saying that you will be fine making this substitution.

It's likely that the fat percentage in the milk is to reduce the calorie content, not because it changes the final product. A one percent fat difference isn't going to change the outcome much, if at all.

The bourbon is likely there for flavoring, so omitting it will change the flavor of the cake but won't likely do much else. If you have another liquor that you like, you could substitute that, too. Something with a nutty flavor like amaretto would be good, or something commonly used with bananas, like rum.