PlayScript is a compiler for AS3 and PlayScript, so it won't do AS2. It also primarily targets Mono based apps, though HTML5 is in the works from what I understand. Additionally, PlayScript doesn't provide a complete Flash Player runtime, even for AVM2, and definitely not for AVM1 (which would be needed for AS2 support).
I've heard of tools out there that can do AS1/AS2 to JS, but I can't think of them off the top of my head. There are a couple of things that can go from AVM1 based SWF to JS, such as Mozilla's Shumway, and Google's Swiffy, if that helps.
https://github.com/mozilla/shumwayhttps://www.google.com/doubleclick/studio/swiffy/There are others, though not as many as AS3 conversion tools.
Kevin N.