If you want to use a Class 2 cable, you have to have a Class 2 source. This is done all the time for the aisle lighting in theaters...they require using a Class 2 system due to the expsed connections (no jbox).
For LV lighting, you are limited to 5A @12V, which gives you 60 watts per run. This is not much, which is why most LV installs go for a Ch 3 method. Note that even with a Ch 3 wiring method, you are limted to 25A (300W/12V & 600W/24V).
You can order LV transformers with a bunch of 5A breakers to comply with the class 2 source. They also make boxes that take a 300W feed from a transformer and have 5A breakers to break out to your individual homeruns. See Celestial Lighting.
mike