You will actually want to set your application up to target Android 1.6 in order to get the folders with different drawable levels, but then set the minSdkVersion="3" in the XML and rename the drawable-mdpi folder to just drawable. It will give you a warning about version mismatch but this is how supporting 1.5 but getting the nice features of 1.6 is done in Replica Island for example, which was made by a Google developer advocate. One thing to keep in mind is that by targeting 1.6 instead of 1.5, you can add targetSdkVersion="4", so that it will not force all screens to emulate 320 width, but then you will need to be far more aware of how the app will actually look and test it more thoroughly.
<uses-sdk android:minSdkVersion="3" android:targetSdkVersion="4" />
For more information, read http://developer.android.com/guide/practices/screens_support.html, especially about halfway through where it mentions the XML settings.