I've overclocked an Opteron 170 system with 4x512MB in the past. Other than the obvious 2T hit (which is negligible to the point that I wouldn't even worry about it), they overclocked similarly (limited by the slowest pair). Mine were the same brand (Corsair), although two were fast 2-2-2-5 sticks and two were 2.5-3-3-7. I don't know how well it would work with different brands of RAM, but as long as they have similar specs I wouldn't really expect problems.
2x1GB is the better solution overall, it's actually what I'm running right now - although my motherboard has issues with 1T so I have to use 2T anyway. The main consideration is probably cost, especially if you already have 2x512MB in your system and are looking for a relatively cheap upgrade.