Use whichever one allows you to do all the things you need, but ideally the lowest you can get away with.
API 19 'supports' older devices in as much as if you use functions that are available on older devices, then the app will work. APIs are (broadly) cumulative, ie a higher number includes all the things that were in lower ones. I say broadly because sometimes, things are removed or deprecated.
So, an Android function that was there in API 8 is probably still there in API 19; in that regard, API 19 can be said to support older devices. But use a function that was only introduced in 19, and of course it won't work on older devices.
If you set the minimum API for your app to 19, but are only using functions that were available in, say, API 15 (Ice Cream Sandwich), then you're needlessly restricting your app to only 13.6% of devices, instead of 84.3% of them.
To see current usage, you can visit
http://developer.android.com/about/dashboards/index.html
As you can see, if you were to use functions from API15 and above, then you'd get 84.3%, which is a pretty reasonable base. Include API 10 (Gingerbread, Android 2.3), and you get another 15%, which may include people who have devices only a couple of years old.
Some libraries in B4A will explicitly tell you which version they require, and that may actually be the limiting factor for your app, more than anything else.
Personally, I have my B4A config set up to API 15 for now, as I feel that's a reasonable compromise.