Ok, so here is what I did to make this work and it is working:
On my iPhone:
Primary ID (@me) remained logged in and TFA enabled (it has been like this for years).
Secondary ID (@mac) added as a Mail account.
On my iPad:
Logged into iPad as @mac and enabled TFA.
Was prompted to enter credit card for verification purposes and setup passcode for security purposes.
Had to send a text message to verify, sent to my ONLY number (this number is associated with my @me as well).
Back on the iPhone I was prompted to finish setting up TFA, but the prompt had my @me account and I then entered my @me password. Seemed to have finished at this point.
Went to iCloud.com and signed in with @mac and I was prompted with TFA. My iPad received a code immediately, but I chose click "Didn't received a code..." and then selected Text Message. The text came to the iPhone, I entered the code into iCloud.com and I was successful.
Both @me and @mac have my ONLY number as a trusted number and my iPhone as a trusted device. When I originally signed into my iPad with @mac, my iPhone was already listed as a trusted device prior to setting up TFA. Maybe because I had @mac signed into as a MAIL account...
So... when signing into @mac I will have to choose Text Message in order to have the code sent to my trusted number which is my iPhone. When I sign into @me I will be prompted on my iPhone with the "Allow" box then the code. Seems a single device can be associated with an Apple ID for TFA in order to be prompted, but as long as there is a trusted number I should be good to go.