As per summary. Based on my inspection of the ebuild, a revbump straight-to-stable should be fine.
*pip-1.2-r2 (02 Nov 2014) 02 Nov 2014; Mikle Kolyada <zlogene@gentoo.org> +pip-1.2-r2.ebuild, -pip-1.2-r1.ebuild: Revision bump EAPI=5