Without using multi-book accounting, is there a way to run the financials using two SETS of different consolidated exhange rates?

Based on my knowledge, Multibook is the only way to run standard financial reports with two currencies

It's the same base currency. Just different consolidated exchange rates

Is that exchange rate tracked somewhere at the transaction level?

No. It's a separate set of consolidated exchange rates.

you will have to use some custom searches but I dont think its possible in the standard financial reports