In my app, i currently have all my code separated into a static library, to make it easier to set up the xcode project targets for the actual app and for unit tests for my c
I found a perfect solution for this that does all the above automatically and more
https://github.com/kstenerud/iOS-Universal-Framework
Its an xCode plugin
It worked for me like a charm,
It works only for XCode 4 and above