Australia, New Zealand & the South Pacific - Transit Int'l to Dom at BNE on separate tickets

I am travelling to Australia next month on an itinerary that includes two separate tickets - international flight into Brisbane on SQ, and then Brisbane -Hamilton Island on either Virgin Blue or Jetstar. I'll be clearing customs and immigration in BNE, and will also be checking in anew for the domestic flight. Arrival time in Brisbane is about 9:40 a.m. and departure for the flight to Hamilton Island will be about 2 hours later. It looks like there aren't any other international flights coming into BNE around that time.

My question for those of you who have some experience with BNE - is two hours enough time to pick up checked (priority) bags, clear customs and immigration, hustle over to Jetstar/Virgin Blue, and check in again?

You don't have much choice. Yes, two hours is doable but there is no room for error. Clear immigration, get your bags, clear Quarantine and Customs. Then take the train over (will cost money) and check-in. Note that JQ and DJ close their check-in 30 minutes prior to departure sharp.

I agree - 2 hours is possible but risky.
The train only runs every 20-30 minutes. Depending on when you arrive you may need to get a cab to domestic terminal due to insufficient time to wait for the next train.