Yes and no, might depend on the kind of application, I had this approach in one of my applications.
I began with a tablet version only.
Then I wanted it also on smartphones and developped a separated project.
Then, I found that managing two projects is not optimal, so I tried to merge both and got it with not that many difficulties.
But with different layout files for tablets and phones, and almost everything is in the Main module playing with panels because on tablets two panels are displayed in landscape at the same time and only one on the phones in portrait.