Definitely #2-56 then. I thought everybody was switching to metric these days, guess not. On the titanium threading, it can be very difficult at larger diameters and thread depths, but it should be easy at this size. Make sure to use a sharp drill and new tap though, because if you don't the titanium may work harden and you will have a hell of a time. (Think snapped off tap in the hole). I would also tend to shy away from shearing screws to length with one of those electrician's plier sets, though you are unlikely to find one for a #2-56. That's the hack way of doing it, and you'll get a nasty thread on the end which will require further work anyways. Use a Dremel or die grinder with an abrasive cut-off wheel, a hacksaw or the file method described above if you don't have much to remove. Afterwards, chamfer lightly at 45° all the way around the end with a bench grinder, file, or what have you to remove any burrs and make the thread easier to start.
(Qualifications: 20+ years as a machinist).