I wouldn’t worry about the old devices like the one you mentioned, because they’re not even for sale any more. I doubt many current games run well (if at all) on the old devices.
My personal recomendation for finding bottlnecks when you’re just so sure it should be running better, after checking the profiler of course, is to switch to simpler shaders, then comment out big chunks of script at a time, make sure there isn’t any funny code in there. from what i’ve seen they’re the two biggest issues on the iphones poor little brain. there are of course many other things it could be, but i find them the easiest to test.
and i agree with daniel, unless you have a specific target market, there’s no good reason to develop for devices of that age. unless, like me, you only have one device available you can work on. only im luckier and have a 3gs. no iphone 4 compatibility from me!
Target the newest hardware, if you try to produce a game (especially a 3d game IMHO) you need to “wow the market” with your graphics you wont really have a chance of doing that if you are targeting last gen hardware.
I doubt minigore would sell today looking the way it does, because it looks old its only sells because its been on the charts if that makes any sense.