If a gallon of stock D-76 is good for X rolls, then diluting it one to one gives you 2 gallons of half strength D-76, and it's still only good for the same amount of rolls. You are using less of the batch, but while the stock solution might still be good for some more developing after being used, the diluted solution would be exhausted quicker and may be a one shot(this depends on how much film you are developing at one time, size of tank, etc...)
Yes 1:1 means equal parts dev and water.
It's not so much that pros use D-76 1:1 to control contrast; most would recommend using it 1:1 because it creates a nicer, more even tonal range. The reason to use the stock solution would be to speed up processing such as for journalism photography; you know, beating the press deadline. Digital has pretty much rendered this moot.
I always recommend using D-76 1:1, unless saving 5 min is really important.