Can I have two PlayStation 4s, two accounts and still only use one PlayStation Plus subscription?

Here is an example:

PlayStation 4 #1: PSN account name: Jack

PlayStation 4 #2: PSN account name: Harry

Jack has PlayStation Network Plus, Harry does not. Jack confers his PlayStation Network Plus benefits to Harry, who has access from his own console, so they can both play online.

Is it possible to have two PlayStation 4 consoles, using separate accounts, with the same PlayStation Plus subscription?

Acutally you can; my brother is doing it with a friend, but it's tricky. It's like buying plus, having your account on both devices and interchanging devices with someone else.

Take: Skynet (my brother's PS4), and Cerebro (his friend's); Charlie (my brother's account) and David (his friend's).

There's an option in the PS4 that says something like: "Activate Device" for "Game" and for "Video", to activate a main account on the device.

David has Plus privileges on his account but his 'Active Device' is Skynet, and vice- versa Charlie has Cerebro as his main device. And they both have their accounts on both devices (main and secondary). So on Cerebro are both accounts, Charlie and David. Charlie is the main account of that device but it's on David's house; and on Skynet too are both accounts, David is the main account, and it's in Charlie's house.

Basically David+ is playing with his account on Charlie's device, in his own house (as if he were a guest in his own device), and Charlie is playing in his house, with his account on David+'s, device.

 Cerebro (in David+'s house):     Skynet (in Charlie's house):
>     -Charlie (Main)                 -David+ (Main)    
>     -David+ (2nd)                   -Charlie (2nd)

This way David+ can play online on Cerebro and on Skynet, because his account has plus, and Charlie can only play online on skynet because the main account of the device has plus and enables all accounts of the device to enjoy the plus privilege of online play.

And yes: anyone of them can buy a game and download/play them on both devices.

It's possible for non-Plus accounts to share Plus benefits (including online multiplayer) on a single PS4 console. However, the scenario you're describing, where one user can confer Plus benefits to an unrelated account on a different console, is not possible.