[android-developers] Does dissecting an existing large Android project into several smaller library projects to improve build time make sense?

We have a quite large Android project which has an annoyingly long build time - especially for developers using Windows. We'd like to improve this somehow, and we had the idea to dissect this single project into multiple smaller library projects and a main project. So we don't always have to compile / dex / parse resources / etc. for the whole huge thing, only for the modified libs (and the main project possibly), so the build time would be much lower in most cases. 

Now the question is: would this really work? Or does the bulding process need to e.g. parse every resource from every library for each build, even the unmodified ones?

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