So if I was to load four 120 rolls in the same tank (two on each spool)
Michael,
If you can fit two rolls of 120 on one reel, then I'd say you're asking for mechanical problems. Kinks could cause you to lose whole sets of shots which might outweigh any savings you gain from jamming them together (You save developer expense plus time you gain not having to do two runs of developing, but is it worth the risk?).
But supposing I could safely load four 120 rolls on two reels in a 1 liter tank, and get even development...
I would still use 1:1 but extend the development time because I have less than the recommended stock solution per square inch.
D-76 can develop more film per square inch than recommended, (the amount of active developer when recommended amount is used, is more than you need). The greatest effect I have seen is the required time to reach the same contrast index.
Using less than the recommended amount of developer means that development byproducts become a greater percentage of the solution towards the end of development... I haven't analyzed how bad that problem is, but since you are using the developer one-shot, you aren't making a problem for the next rolls of film.
In other words, if you don't use 250 ml per roll, the only problem you cause is that you can't rely on published times.
But you still can get good development results.