Catholicism: A Defense of the Faith

Mary v/s 1 Timothy 2:5

1 Tim 2:5 (ESV)
For there is one God, and there is one mediator between God and men, the man Christ Jesus

This is probably the most misunderstood, misused, and misinterpreted Bible verse I know.

I recently realized I can't write about the Blessed Virgin Mary without first tackling one of the most heavily (and erroneously) used arguments against Mariology: the above Bible verse.

1. Defining the problem
The Cambridge dictionary defines 'mediator' as "a person who tries to end a disagreement by helping the two sides to talk about and agree on a solution".

Jesus does indeed serve as our Mediator with God because through His death and resurrection, He reconciled humanity with Himself (since He's God), and the gates of Heaven were finally opened for us for the first time since the Fall of Man. All Christians agree on that.

The difference comes in here: most Protestants do not believe that it is correct to ask the saints to intercede for us to God. Their disagreement is based on several reasons, and one of them is that the Catholic practice of believing that a saint can pray for you directly disregards 1 Timothy 2:5, that is, Jesus is our only intercessor with God the Father.

Others have an issue with the Marian title "Mediatrix of all Grace/all graces" as they consider it blasphemous. 

They cite paragraph 696 of the Catholic catechism which says (emboldening mine):
"Therefore the Blessed Virgin is invoked in the Church under the titles of Advocate, Helper, Benefactress, and Mediatrix." 512

If there is One Mediator, then why do Catholics claim 2? That's basically saying Mary is equal to God. Isn't that heresy? Well it would be if that was what we actually claimed,  but since we don't, then it isn't.

The other objection is that praying to the dead is necromancy and/or idolatry, but that's for another day.

At a glance, this argument makes sense. I was also confused at some point to be honest, but while it is easy to cherry pick the verse, it is more important to understand its context before applying it (or doubting our faith because of it).

2. Context
Let's examine the four preceding and two succeeding verses (emphasis mine):

(KJV)
Verse 1: I exhort therefore, that, first of all, supplications, prayers, intercessions, and giving of thanks, be made for all men;
St Paul is encouraging us to pray for each other, ie, to be prayed for by other people, ie, both pray to God directly but also have our petitions presented through other people. 

Verse 2: For kings, and for all that are in authority; that we may lead a quiet and peaceable life in all Godliness and honesty.

Verses 3&4: For this is good and acceptable in the sight of God our Saviour;
Who will have all men to be saved, and to come unto the knowledge of the truth.

Verse 6-8:Who gave himself a ransom for all, to be testified in due time.
Whereunto I am ordained a preacher, and an apostle, (I speak the truth in Christ, and lie not;) a teacher of the Gentiles in faith and verity.
I will therefore that men pray every where, lifting up holy hands, without wrath and doubting.