In general, equivalent key sizes do not imply equivalent security for various reasons:
Firstly, this is just the case when some algorithms have known attacks, while others do not. Key size is just the upper limit of the effort that would be required to break the encryption; in the worst case, you can always try all possible keys and succeed (on average) after checking half the key space. This does not mean that this is the best attack. Here is an example: AES with 128-bit keys uses 10 rounds. If you used AES with a 128-bit key, but only in one round, it would be trivially destructible, even if the key is the same size. For many algorithms, there are known attacks that can break up the search algorithm for the entire key space much faster.
In the case of block ciphers, there are other considerations. This is due to the fact that block ciphers process data in pieces of bits. There are various combinatorial properties that come into play after you start encrypting large amounts of data. For example, using CBC general mode, you begin to encounter problems after encrypting about 2 ^ (n / 2) blocks (this problem is an integral part of CBC). For a 64-bit cipher, such as RC2, this means that it is 2 ^ 32 64-bit blocks or 32 gigabytes, which while large are pretty easy to imagine (for example, you encrypt the disk image with it). If for a 128-bit cipher, such as AES, the problem is only starting to occur after about 2 ^ 64 128-bit blocks or about 295 exabytes. In a similar scenario, AES with a 64-bit key will actually be much more secure than RC2 with a 64-bit key.
Here we get to the epistemological part of the answer: even if there are no known attacks, this does not mean that no attacks are possible. RC2 is quite old and rarely used; even when it was a fairly current cipher, the analysis was less than, say, DES. It is very likely that no one over the past 5 years has bothered to come back and see how to break up RC2 using the latest attack methods, simply because there is less benefit to the relatively academic model of publishing or relocation, which uses modern public cryptographic research; itโs much better if you are looking for ownership (or want to increase your reputation to get more consulting work) to post even a very slight improvement in an AES attack than would completely destroy RC2 because no one is using it anymore.
And with a 64-bit key, you immediately became attached to this upper limit, and the force of 2 ^ 64 is really quite low; perhaps within reach not only for intelligence services, but even for companies with large enough sizes (or shepherd shepherds).
Finally, I will point out that RC2 was designed to be fast on processors with a 286/386 processor. On modern machines, it is significantly (approximately 4-6x) slower than AES or similar ciphers developed over the past 10 years.
I really do not see the possibility of using RC2 for anything, the only thing I can imagine would be reasonable for compatibility with some ancient (in computer time) system. Use AES (or one of 4 other AES finalists, if necessary).