Python 2, 64 69 bytes

def f(s):p=(s+s).find(s,1);return[s[~p::-1],s+s[:p]][len(s)/p%2]

Ungolfed:

def f(s):
    p = (s+s).find(s,1)
    n = len(s)/p
    return s[:p][::1|n%-2] * -~(n-1^1)

This finds the string's period, i.e. the minimal p such that s is a string of length p repeated n times (I found a golfy method on SO). Then if n is odd, it adds one more repetition of the period. If n is even, it removes one repeat of the period and reverses it.

Thanks to @Sp3000 for helping to implement the function mapping between 1<->2, 3<->4, etc.

Perl, 49 47 bytes

Includes +2 for -lp

Based on @feersum's very nice algorithm

Run with input on STDIN, e.g.

perl -lp halfreverse.pl <<< "101001"

halfreverse.pl:

/^(.+?)((\1\1?)*)$/;$_=$3eq$1?reverse$2:$_.$1

Explanation

/^               $/         Match the complete input string
  (.+?)                     Non-greedy match. Try only one digit at the start,
                            if that doesn't work try 2, then 3 etc. The string
                            being tried is remembered in backreference \1
       ((\1\1?)*)           Try to repeat \1 as many times as possible but
                            prefer in groups of 2. Fall back to only 1 at the
                            end of the string if the trailing part has an odd
                            number of \1 (so the total count is even)

   $3eq$1                   So the last match $3 equals the first match $1
         ?                  if and only if the total count is even
          reverse$2         If total count is even drop the first instance of
                   :        \1 and reverse
                    $_.$1   If total count is odd extend $_ by one instance
$_=                         Assign result