If your subject is indeed moving evenly across your field of view then Mode 2 IS may offer an advantage, but if there is any combination of vertical and horizontal motion in your subject, such as landing or swooping or flying overhead then any IS mode you use will fight with your intended tracking of the bird. If you use a sufficiently high shutter speed then in my opinion the value of IS is questionable and may even have negative consequences.
As far as shutter speeds and IS are concerned, there is an interesting article by Thom Hogan about Nikon's VR system, which adises against using VR when shooting at high shutter speeds. My own experience leads me to suspect that Canon's IS system suffers similar limitations.
http://www.bythom.com/nikon-vr.htm
People can shoot fabulous BIF images with the unstabilised 400mm f/5.6L prime. If they don't need IS in order to achieve their results it follows, as far as I can tell, that IS is not a requirement when shooting BIF with a 100-400 either. It's a different story if you are purposely shooting at low shutter speeds, or have a specific situation such as a bird approaching head on, but to be prepared for any eventuality I think IS is best left off.
Here's an example and 100% crop from my 100-400, hand held at 400mm, 1/800, wide open, no IS, no edits. It isn't pin sharp, but I don't see signs of shake. In my opinion the odds of IS improving this shot are zero. The probability of IS doing some harm is far higher.
I do have sharper examples, also without IS, but this is the first image that was handy.