I also had the same issue when I updated xcode 5 by removing the old sdk. But I took a copy of the old SDK from another computer and the same one that you can download from the following link.
http://www.4shared.com/zip/NlPgsxz6/iPhoneOS61sdk.html
(www.4shared.com test account test@yopmail.com / test)
There are two ways to work.
1) Unzip and paste this folder into /Applications/Xcode.app/Contents/Developer/Platforms/iPhoneOS.platform/Developer/SDK and restart xcode.
But this can be removed by Xcode again if you update xcode.
2) Another way is to unzip and paste wherever you want, and go to /Applications/Xcode.app/Contents/Developer/Platforms/iPhoneOS.platform/Developer/SDK and create a symbolic link here so that the SDK remains the same, even if you update Xcode.
Another change I made is Build Customization> Architecture> Standard (not 64), so list all versions of the deployment target
No need to download zip if you want to change the deployment target.
Here are some screenshots. 

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