Is it possible to zoom out in Safari on iPad 2? I am attempting to view a large internal webpage in safari, and some of the content overflows off the screen.

In desktop browsers, ctl+'-' would do the trick, but the touch interface has me perplexed. Pinching and scrolling were my first impulses, but neither worked. 

Tapping and pinch-out work for zooming in and back to default quite nicely, but what is the method to zoom out from default? Is my only resort to have the webpage changed?
It sounds to me like your only option will be to have the webpage redesigned a little. Chances are there are some CSS styles that are sending parts of the text off the screen.

For the site, sometimes they include a meta "viewport" tag, which could be causing some problems for you. If this is the case, they should be able to easily remove this tag. However, it is very likely this is not causing the problem.

You could also request they use a media query to make adjustments based off of your iPad. This often works very well for mobile devices.