I was looking through the dwarf rules again and noticed the rules for Durin's axe are stated differently than most of the other special axes.
For Dain's axe, Barazantathul, the rulebook says that it is a 2H axe that adds +1 to wound but does not suffer normal -1 to win the fight. However, for Durin's axe, it never specifies if it is two handed or not, but simply says that any hero wielding it gains +1 to wound. Under Balin's stats, it says that his two handed axe may be exchanged for Durin's axe for 20 points. This implies that Durin's axe is also a two handed weapon (which makes sense based on all the other dwarf heroes and the look of his model)
So could I gain a +2 to wound by using it two handed? +1 to wound from two handed and +1 to wound from being Durin's axe?

This doesn't really sound like it should work, but going by the literal rules, I don't see why I couldn't gain a +2 to wound (if Durin's axe is indeed 2H).
Like I stated earlier, Dain's two-handed axe Barazantathul specifically says that the +1 comes from being two handed, while Durin's is an automatic +1 just from wielding the axe.

Thanks for the help!

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It doesn't imply that at all, the rules say you just swap a weapon for another, same way as Lothlorien elves can swap the bow for a shield (or whatever it is) doesn't mean the shield can shoot arrows. Durin's axe It's just a +1 and no penalty. In previous editions it was written that it was a two-handed weapon, +1 to wound and no Fight modifier.

Yep, only +1 to wound. But, because it doesn't state that it's a two-handed weapon you can support him, if you ally in some spears.

Or you could just use Mardin...

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