The MAC address is 48 bits with the 24 bits being the IEEE assigned OUI - Organizationally Unique Identifier and the remaining 24 bits vendor assigned.

IEEE makes allowance for "locally administered" addresses, where the network administrator assigns the address, but stipulates that bit 46 must be 1 if this is done.

I believe this is what forces 00 to 02. Setting a MAC starting with FE would also have bit 46 on, so that this would be accepted.

If this is correct it WILL prevent you from setting your MAC address to match that of a globally administered address - aka MAC spoofing