I am doing something similar with my applications. A common code base, several different sets of resources. I have a python script that copies my shared source from a shared location to the src directory, copies the res_project directories to the res directory, updates the package names to reflect the new application package, and updates AndroidManifest with the appropriate values.
I felt that there should have been a better way to do this, since your resources are already well separated from your source, but there were problems with the application package name, which was different from my src package name. I spoke in detail about this process here .
RedBlueThing
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