You want to double the texture size so that you can reduce its quality using PVRTC (which looks terrible around edges of the font characters in particular)? PVRTC compression is for game textures, it shouldn't be used for UI. You'll get better quality by using smaller UI textures than using larger textures that you then PVRTC-compress.
As with everything, there are no absolutes, but I guess you're younger than I am
PVRTC compression is suitable for much more than game textures, particularly now with the advances in its compression algorithms. If you couple that with retina resolution graphics (which makes compression artefacts much less visible due to the crazy density), you get sharp enough UIs with PVRTC, provided you use it where it makes sense (and I get away with it in some fonts).
In my game I use it mainly for glows behind non PVRTC buttons. It works fine and it greatly reduces game size (8Mb for a 4096x4096 PVRTC texture vs 64Mb for the same texture in RGBA32). When compared to a 16 bit Floyd Steinberg dithered image, PVRTC wins in 50% of the cases (gradients are better handled by Floyd-Steinberg, since there's some pretty obvious banding when using PVRTC).
Even if I double a PVRTC texture size I still gain a lot in space/memory usage when compared to a RGBA32, and in many instances I can even live with PVRTC 2 bit which reduces things even further.
Of course if I'm the only one thinking this is a good idea, then perhaps it's not really cost effective for you to implement it
