How to Get Xcode to Not Automatically Open Previously Opened Projects
Press option+Shift when clicking on the Xcode icon in the dock. Xcode then starts without opening previously used projects. This is related to version Version 4.5.2 (4G2008a) but I am almost sure that I used it in older versions as well.
I've recently had a similar problem. I tried the methods above and could launch Xcode from the command line, but as soon as I tried to open from the finder, it would try to open the "bad" document and hang.
I eventually resolved it by removing the contents of :
~/Library/Autosave Information/
~/Library/Saved Application State/com.apple.dt.Xcode.savedState
This seems to have fixed it for me.