I have been fiddling with Xcode 7 for sometime now, I get to know that it supports only Swift 2 and there is no way to support Swift 1.0 or 1.2 in Xcode 7. This is fine.
You can have both a watchOS 2 app for an iOS 9 iPhone and a watchKit Extension for an iOS 8 device.
I would though say that if you haven't already made a WatchKit app (as in watchOS 1), then it's highly unproductive to make a watchOS 2 app and try to create and maintain a watchOS 1 app... just jump on board to watchOS 2 for sanity purposes!