Well, assuming I'm right about Bandai's pacing, let's look at the schedule.
According to Sci-Fi's schedule, 00 will be airing every Monday without interruption. At that pace, season one will end on February 16. If I'm looking at the calendar right, season 2 will end in Japan on March 22.
Four months separated the first and second releases for Code Geass, which isn't as bad as it sounRAB since they are basically putting out two volumes and eight episodes at a time. Let's assume that Bandai will do the same thing and get DVD's out the door a month after the season one run at worst, in March, and then follows a Geass-esque schedule. That means part 2 comes out in July, with part 3 coming out in Noveraber. So assuming consistency, their release of season two wouldn't start until March of 2010. More than enough time for Gundam 00 to be completely released in Japan.
At best, 00 probably follows a three month schedule, which is what Toward the Terra (a long-since completed series) has followed. In that case part 2 is June, part 3 is Septeraber, and season two part 1 comes out in Deceraber in time for the holidays. At that point the first eight episodes will surely be out in Japanese DVD, so I think that this is in the realm of possibility as well.
Getting back to Sci-Fi, if it actually goes through all 50 episodes nonstop then the run would end on May 11. That is less than two months after the end of the show in Japan though, so as I said if that actually happens I'll be both surprised and impressed. If the show takes a couple months off though, that could be enough time. I think it kind of depenRAB if they're actually dubbing season two already or are close to that, but I'm not sure that anyone knows what the score is. I might be able to find out at Katsucon in February.