My next brew is going to be the Octoberfest Vienna Lager.

Being that it says Lager, is it a true Lager and do I follow the procedures for Lagering?

It's a mix of booster, one can HME and a packet of yeast.

Or can I just follow the 2-2-2 rule?

The OVL won't be a true lager unless you use lager yeast in place of the Mr. Beer yeast. Then you would need to follow the lager yeast directions for a colder fermentation. You can use an ale yeast (or California lager yeast) with temperatures near the cool side of fermentation recommendations.
I made the OVL with some Munich LME last year and thought it turned out real well. Super easy. I think a malt extract would be better then a booster. The booster will give you a thinner beer while the malt extract will give a fuller malt flavor. I have never made the OVL with booster, but others have said that it also turned out well.
2-2-2 should be fine for the kit. Just give it a little taste before bottling to make sure fermentation is complete.

Add- If you choose to ferment cooler, then your fermentation will probably need a little more time.

def agree to add some malt to the recipe... if you can. i used amber DME, but any LME or DME would be great. i would think the booster would thin it out too much and it wouldn't taste like a real oktoberfest.

and, also agree about using US-05, a cal ale yeast, or danstar nottingham at cooler temperatures (ambient temps in the upper 50's/lower 60's) to "simulate" a lager. if you're tap water is coming out cool, like mine is, you can use that cold tap water in a swamp cooler (or even just add ice to cool it to around 59° F) to keep ambient temps cool. and, it might take three weeks to ferment, though since yeast works a little slower at cooler temps.

As has already been pointed out, using the standard packet of Mr. Beer yeast under the lid will not make a lager. It is ale yeast that needs to be fermented at ale temperatures so no matter how many Mr. Beer recipes have the word "lager" in their name, they are ales.

The Octoberfest Vienna Lager will be a good beer if you use the stock ingredients. It will have a somewhat different taste than the usual West Coast Pale Ale included with most kits but it will not be in a higher class like those using more malt. Still it's a good enough batch to go ahead and brew if you don't have any other malt extract on hand and no brew store nearby. And, personally I don't like substituting in malt in place of booster without also adding more hops which takes the brewing complexity up another notch.

Yup, if you can get a pound of DME or some LME, and add it to the recipe, you can get something much more like a true Oktoberfest or Vienna Lager out of that can.

The only kind of DME I'd suggest staying away from would be dark, unless you WANT it to be a darker beer.

Amber, extra light or even wheat DME would go great, though.

And, if you do want a boost in ABV with little flavor impact (though it may increase the conditioning time needed), you could certainly add the booster.

Now, if you do add any additional fermentables (or even if you don't), you should definitely use more than just the one pack of Mr. Beer yeast. Nothing wrong with the Mr. Beer yeast, but you should always try to use AT LEAST 2-3 packs for a single batch, even just HME plus booster.

In addition to the yeasts Chunk listed, Fermentis Saflager W-34/70 works quite well up into the low-mid 60s, while retaining a lot of lager characteristics. Certainly worth giving a shot if you can keep temps in the mid to low 60s!

Just as I thought. I wanted to check with the experts first.

I still haven't (officially) even made my first beer yet. 1st batch of WCPA went into the fridge yesterday.

All I had was what came with the kit. You guys are still talking WAY over my head with a lot of this stuff. Which is good, that's how I will learn.

Thanks for the advice.