If the only difference you want between your application versions is whether
the resources are color or black and white, you should have no problem
setting up separate targets that specify different resource files while
sharing all the same code. This will keep black and white devices from
wasting memory for color bitmaps. Of course, if a user beams their black and
white version to a color device, the app won't be color.
I suggest looking for other places to save memory. If your app has lots of
data, consider coming up with ways to compress it. If there are patterns in
the data, you can exploit them. That's what my brother and I did for the
background music in our Flytrap game.
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