Walker I'm not sure if I understand your question correctly, but if you want to transfer all the weights currently assigned to Bone 2 directly to Bone 3, you can select the names of the two bones in the Weights view and click the Swap button.

If you select vertices before doing this, the swap will only be applied to the selected vertices. If no vertices are selected, it will be applied to all vertices in the mesh.
If you only want to assign part of the weight currently assigned to Bone 2 to Bone 3, you can lock Bone 1.

This allows you to paint weights for Bone 3 while keeping Bone 1's weights unchanged, so only Bone 2's weights are reduced as weight is assigned to Bone 3.