That's the reason not to do it, but it will be fine until something tries to poke a hole in it. The overstretch is well within the limits of the material in the absence of an external attack.
I have two 700x32/47 tubes but only one 29er tube. As much as I'd like to say it's a temporary solution, it'll almost certainly spend the rest of its life installed. I guess I could go visit Decathlon or the LBS and see if they have more 29er tubes, but, like, urgh, effort, bro.
Any reason not to use a 700x32-47 tube in a 29x2" tyre?
Same diameter, right? Just the width of the 700C tube is more like 1.75" than 2" so it'll be more stretched.