universal app

i have completed my game for iPad with(1024*768) images i want to make it universal app and put this line in app delegate

CCEGLView::sharedOpenGLView()->setDesignResolutionSize(1024, 768, kResolutionExactFit);
it is working in iPhone 4 and iPhone5 can i do it or it will create some problem ?? please suggest me.

It should work, we use this all the time in our applications (iPhone, iPad and Android), though we use kResolutionShowAll, but you should choose policy which best suits your app and needs and works best with your graphics.
One thing to remember is to call this function AFTER you set the CCEGLView to CCDirector, it caused me some trouble a while ago.