Is it possible to have a simple IP failover setup, such as with keepalived, with 2 physical servers, without using LVS?

2 physical servers. No load balancing needed. Server1 can do all the work while its up. If Server1 goes down, Server2 picks up the slack.

There is no third server or router that is monitoring Server1 and Server2, so there would be no single point of failure.

Can I do this with a simple keepalived configuration on each server?