I can attest, as a native Texan, that "dubya" is indeed two syllables, not one. It is a bit of a hick-ism, but it requires much less effort than "Dou-ble-U". (How many times have you gotten tongue tied saying double-u-double-u-double-u?)

Although I would certainly try not to use "dubya" in everyday/public speech, I am quite fond of "y'all".