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In any case, i'd suggest too to follow Anarchisteve advice, and buy the game as gift for yourself, then gift it to your friend.
I know this is an older threat but I wasn't able to find the part in the terms and conditions/FAQ in that regard.
Do you know where you read it from that you can only have 2 accounts on the same paypal account?
I want to create a steam account for each of my kids and my wife but I want to add wallet funds to them periodically from the same paypal account. I'm the only one who knows the password so I control the spending.
I know i've used the same type on at least 4 accounts... If i remember, you can use the same type on two accounts in a certain time period... but i can't remember fully as it has been a while :|