Will this device allow me to replicate the same image on two 1920x1080 displays? Basically I have two projectors I want to duplicate.

No. This will take one signal and spit it across two projectors or screens making one large desktop. To show the same thing on two devices, you just need a standard HDMI Y splitter.

Does the display port need to be 1.2?

DisplayPort 1.1 will support 3840x1080@60 so 1.2 isn't necessary. Sadly, however, I've bought two of these and haven't ever seen either of them working from Linux or Mac. Someday I might find a Windows machine to test with, but I've kinda given up on them. Datapath X4 is far more expensive but works very well.