Once you've published your app as universal, there is no way back. You can't decide in a subsequent update to revert to an iPhone-only or iPad-only app - Apple won't let you.
So if you start with an iPhone app, and then put together an iPad version of the UI just to try out and publish it as a universal app, you'll be stuck with having to provide an iPad version of your app for the rest of times. Even if you realize that the iPad version isn't worth it for your app and that nobody uses it, you won't be able to discontinue it.
So think very carefully before flicking that switch.