It sounds like you're building 64 bit. If so, you need to change the deployment target, but only for the 64 bit part of the build (so you end up with 32 bit targeting 10.4 and 64 bit targeting 10.5).
It sounds like you're building 64 bit. If so, you need to change the deployment target, but only for the 64 bit part of the build (so you end up with 32 bit targeting 10.4 and 64 bit targeting 10.5).
You'll end up with three or four binaries*, typically, merged together into one. This is called a universal binary, and is the standard way of doing things on OSX.