Armv7 is already default.
Corona will shrink your screen nicely to screen sizes below 800x800. So you only need the requirement if text becomes so small it’s unreadable (and you don’t want to provide zoom functionality). You would perhaps also think that buttons would become too small to hit with your finger, but that’s not the case. Because even if resolution is low, the screen is roughly the same size, so the button becomes roughly the same size too.
I don’t know the exact formulation for screen sizes, if supported. This below wild guess is just intended as … I dunno… inspiration?
settings = { android = { supportsScreens = { { name = "android.largeScreens", required = true }, }, } --...other settings... }