That sounded so good, when you said another question for you, it almost felt like questions were the new currency 
The timer.performWithDelay does not need to be removed like an event handler., so it will work fine for you. If you want to be 100% sure then add the numberOfTimesToLoop in the function to 1, which is also the default value. [Read the API here]
Generally as OpenGL does not work very well with native components, like textfields, I have not used them much. So I am not 100% about the scaling issue between the iPhone and the iPad that you mention.
However to increase or decrease your fontSize, you can find out the device your app is running on and set a fontSize according to that. That will be an easier way to manage what you are after.
HINT: read up on system.getInfo, yes you will find what you need there!!
cheers,
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