Pat,
Are you trying to go through a vertical 2x4, the horizontal (bottom) 2x4, or both? Keep in mind that in a basement, it's extremely rare and unusual to have a load-bearing stud wall. All your 2x4 is doing is supporting drywall. So, for an oversize hole in a vertical stud, just use appropriate blocking above and below the hole to support and stabilize the stud. For a bottom 2x4, it is sufficient to nail the 2x4 to the concrete slab a couple of inches either side of the hole.
Around here, in new construction, the pipe stub goes in the slab first. Then, the wall is framed around the stub. There is no hole at all in the bottom 2x4, it just stops and starts again on the other side of the pipe. As long as it is properly nailed to the slab, it passes inspection just fine.