Dilute developer will require a longer development, and will exhaust more quickly that a strong dev. You might have trouble achieving a full range of tones if you over-dilute, and strong dev will keep longer and exhaust more slowly than dilute dev. You'll probably achieve the same result because unlike films, prints are best developed to completion. 1:2 and 1:4 are really strong, you'd probably be better (and more economical) to use the manufacturer's recommended dilution as you won't see a difference in the final result anyway unless you're using some esoteric ancient emulsion. However, it's always good to experiment and your mileage may vary. ;-)