Do you create the MDPI drawable first and just scale it accordinly to the .075/1.00/1.50/2 ratio by pixels in photoshop or do you recreate each individual drawable?
From the Android design guidelines:
Strategies
So where do you begin when designing for multiple screens? One approach is to work in the base standard (medium size, MDPI) and scale it up or down for the other buckets. Another approach is to start with the device with the largest screen size, and then scale down and figure out the UI compromises you'll need to make on smaller screens.
For more detailed information on this topic, check out Supporting Multiple Screens.