It appears that we can - theoretically - build a single static library that includes both simulator and iPhone and iPad.
However, Apple has no documentation on this
I actually just wrote my own script for this purpose. It doesn't use Xcode. (It's based off a similar script in the Gambit Scheme project.)
Basically, it runs ./configure and make three times (for i386, armv7, and armv7s), and combines each of the resulting libraries into a fat lib.