Yes, your approach is correct. In a generalised situation, one draws a normal to the equipotential lines to get the direction of field.
There is no way to solve this for the value of $\vec{E}$, because you don't know the potential gradient at that point. If they had given "potential is $V$ at $y=2x$, and $V+\Delta V$ at $y=2x+1$, as well as specifying that the potential varies linearly (alternatively that the E field is constant at all points), then you could construct an expression for the potential at a general point $(x,y)$ (It comes out to be $\phi (x,y)=V+(y-2x)\Delta V$), you can use the equation $\vec{E}=-\vec{\nabla}\phi$ (The upside down triangle is a shorthand, $\nabla\phi=\frac{\partial\phi}{\partial x}\hat{i} + \frac{\partial\phi}{\partial y}\hat{j} +\frac{\partial\phi}{\partial z}\hat{k} $)
But for this problem, you can find the direction of the electric field at any point on y=2x only
(you are not sure if the rest of the equipotential curves are parallel lines).