How can I create two projects, using the same source with a different App Name and info.plist?
You need to define targets for your various versions.
Click on the root of your project (the blue xcode icon). You will see your project settings in a table. On the left hand side you will see a "TARGETS" heading, with one child, the name of your project.
You can right click the target and duplicate it. Once you have a duplicate, you can rename it and then configure it's settings separately. One of the project settings are the GCC Preprocessor values. You can define LITE or FULL variables based on your target and then use #ifdefs in your code to do conditional compilation.
You can add different pList files for different targets. Just right click on the pList files and include or exclude the files for each target.