I don't see any benefit from saving one private IPv4 address (unless you ran out of private IPs like using very tight subnet which is difficult to modify), but it seems to be possible using 3 IPs for one load balancer and 2 real servers.
As stated in the documentation, you need to assign VIP to load balancer in addition to real servers (real servers should not respond to ARP requests). The remaining two IPs are assigned to the two real servers.
The client traffic destined to VIP is directed from router/gateway to load balancer (respond to ARP) and then directed to real servers are configured.
You should consider using another load balancer to eliminate single point of failure.