Objectively, the number of buyers of your app is not the same as the number of smart phone owners. As of right now on Android, it pretty near is, because no Android tablet has sold a massive number of units - I'm assuming the Galaxy Tab has sold 'some' and the Xoom not many, given the stats I posted earlier on, and I'm going to keep trying to ignore the tablets Maplin sell for 100 quid that basically don't work not least because none of them have the Android market place available unless you hack them. Also, there isn't an Android equivalent of the iPod Touch that's sold in large numbers either. Right now, for Android, your estimation is probably not unreasonable. Six months from now, it'll be way out. How long is your app going to take to code and test then?
As a calculation it's way out now if you look at the iOS platform (which is where the Android platform will be once the devices that run it diversify significantly away from just 'phones'). On the iOS platform you've got to also include the iPod Touch - which it's actually quite hard to get concrete numbers for but most analysts seem to agree its sold more units than the iPhone has - and the iPad, although if you're making an iOS app that's non-universal it would have to be pretty compelling for iPad owners to buy it. Anyway, if you assume 'number of potential customers on iOS' ~= 'Number of people who have bought smartphones'
then you've got your estimate wrong by at least 50% , according to prevalent opinion. That's true now of iOS and it'll be true on Android 6 months to a year from now, IMO.
This is true unless your app includes phone function specific features i.e. its some form of dialer or SMS app. In only that specific case, you are selling to smartphone owners, not 'platform owners'.
Dividing iOS and Android users up into 'smartphone owners' and 'everyone else' is like splitting Windows PC owners up into 'desktop computer owners' and 'laptop owners'. Unless you specifically want to target laptop owners with your product, why the heck would you do that?