That's basically correct; in fact if you added 0.5 mol X to 1L water you would probably have a volume a bit more than 1L, so in a 0.5 mol/L solution there would be a little less than 55.49 mol water. But as a first approximation it's good enough. However, it would give a wrong answer if in fact your solvent is not water but oil. You can proceed with the water calculation if you wish, to get practice with the method. If you want to get a better approximation to your experimental situation, I would suggest using a model compound like, say, dodecane (molecular weight 170.33, density 0.75 g/mL) to represent the solvent.
Mole fraction is a dimensionless quantity, so P1 has the same units as P, i.e. Pa. This gives you the pressure of X vapour in the container (assuming, for the moment, that there is a large enough volume of solution, so the solution concentration doesn't change).
Now we have the gas equation of state, PV = nRT. Can you see how to manipulate this to get an expression for the molar concentration of X in the gas phase?