Inspired by the recent discovery of Ti₄MoSiB₂, a quaternary phase with out-of-plane chemical order that we denote as o-MAB, we perform an extensive first-principles study to explore the attained chemical order and disorder (solid-solution) upon metal alloying of M₅AB₂ (T2 phases), with M from Groups 3 to 9 and A = Al, Si, P, Ga, and Ge. We show that the attainable chemistries of T2 can be significantly expanded and predict 35 chemically ordered o-MAB phases and 121 solid solutions of an M′′AB₂ stoichiometry. The possibility of realizing o-MAB or solid solution MAB phases combined with multiple elemental combinations previously not observed in these borides suggests an increased property tuning potential. Furthermore, five ternary T2 phases, yet to be synthesized, are also predicted to be stable.