Hi,
technically - it may work with your setup, but there is still chance that PE Micro won't work in such environment - especially if the USB to Ethernet converter is specialized for printers. You can try to reduce speed and increase delays:

PE Micro as a device is visible on target PC machine, correct?
Related to debugging two boards - I'm not sure about the scenario. But you will need two probes and two instances of S32DS (on one PC or on two different PC machines).