Hi @dax,
Actually, in almost every case, your app should gracefully adjust to various aspect ratios, instead of you building two versions. We don’t have a “guide” on this because there are too many options that developers use to accomplish this (and other scale settings like “zoomEven”), not to mention the design thinking varies considerably by developer/app.
When using letterbox scale, I like gathering the width/height of the letterbox bars with the following formula, which I place near the top of my code so it’s accessible throughout:
[lua]
local offsetX = (display.actualContentWidth-display.contentWidth)/2
local offsetY = (display.actualContentHeight-display.contentHeight)/2
[/lua]
With these, I know the width/height of the letterbox bars on any aspect ratio, and I can use these variable to add (or subtract) to the position of display objects that I want to tuck against a screen edge, push off the screen edge, etc. For example, if I want to push a UI bar to the bottom of the screen in a portrait-oriented app, I just add “offsetY” to its Y position. To tuck something up against the left edge in a portrait-oriented app, I subtract “offsetX” from its X position. And so forth… you’ll see how it works when you experiment. 
Hope this helps,
Brent