I just finished developing a long project, universal (iPhone, iPod, iPad), and i didn't develop with the retina display on mind.
Thanks !
You don't have to support the retina display, simply omitting the @2x
graphic files is enough to have the iPad use the non-retina graphics. No further settings required.
Keep in mind though that your customers will most likely want retina display support, so you should consider adding the retina graphics at some point (if you want to avoid bad reviews).