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?
I use Inkscape, working with vector images as well, then export to the required raster size for the various resolutions. An article I wrote on producing icons from Inkscape can be found at https://tekeye.uk/android/android-launcher-icons-using-inkscape
Looks like there's a tool in Android Studio:
Expand your project folder in the Project View > right click on app > New > Image Asset
Icon Type: Action Bar and Tab Icons
Asset Type: Image
Choose the Path for original image (it should be big)
Shape: None (to make background transparent)
And it will generate the images in the appropriate drawable folders.