Thanks kaz and Rysc.
I like both approaches.
kaz's is basically straight forward and done as if FPGA 2 was some third party chip where you can look up the timing requirements in the "data sheet".
Of course if the FPGA 2 design is recompiled you have to check the "data sheet" report again every time to see if it has changed, just like with a third party chip that has changed.
Rysc's approach avoids that by giving FPGA 2 a requirement and therefore let TimeQuest warn you if it doesn't meet it anymore after a recompile.
The theoretical disadvantage here is that FPGA 2 might end up with more slack than necessary after a recompile and make it harder for FPGA 1 to reach timing.