Having reached 500,000 I finally decided to split the app into two:
► Bubble Homescreen Widgets
► Bubble Wear Launcher Watchface
I am still thinking about the exact app names, your suggestions are appreciated, but what is sure is that there will be an independent Homescreen widget app, so I can refer to both the watch-face and the launcher aspect of the Android Wear part of the app.

Advantages of the new “widgets only” app:
► Smaller app (33% in size) – it will grow slightly with some built in tutorials
► Much fewer permissions
► Much less complexity with no unnecessary watch related stuff
► Cleaner Play Store presence (description, screenshots)

The current app will actually stay as it is:
► To maintain existing in-app-purchases I will not remove the widgets
► but they will not be advertized in the app description/screenshots
► Users will not be prompted to choose a primary use: Wear is assumed
► Android Wear users will still have the opportunity to try the widgets
► The premium license will still enable both upgrades

The two apps will work together:
► New users without an Android Wear watch will be directed to the Widgets only app if they accidentally downloaded the Watch-launcher
► Existing users without Android Wear watch will still be able to use the Watch-launcher app in Widget only mode (watch related options hidden)
► If the Widgets only app detects somebody has an Android Wear watch, it will recommend to switch to the combined functionality app.