That sounds like it may be the way to go!
For iOS:
Probably no time for a lite version this quarter, but maybe the current version could be made lighter?
It could actually be a relatively simple thing to do. In fact, I just did a quick experiment:
Our current iOS app weighs in at 4.38 MB.
By simply removing the splash images the app binary size drops to 2.37 MB.
iOS 8 has some fancy new abilities to present non-images as splash screens, so I say we do this for iOS 8, drop the splash images for older devices, and pay very close attention to the change in binary size that results from any external libraries we use.
We can also migrate a couple more images used by the iOS app to glyphs in our font - which is an easy process with the scripts I wrote a while back. This will save a bit more space. We could also do a couple spikes to see what other low-hanging fruit there is for trimming the binary size.
I think we could get to under 2 MB without breaking a sweat, or even the need for a separate version.