This decision has nothing to do with antennas. The Verizon iPhone has to support 850/1900MHz. The AT&T iPhone already supports 850/1900/900/1800/2100MHz. So, the Verizon iPhone already supports the bands needed for AT&T. Now, Apple might have (and probably did) tune the Verizon iPhone's antennas specifically for 850/1900 since it doesn't need to support the global frequencies, but that would lend credence to the argument that increased reception on the Verizon iPhone isn't an indication that AT&T's network is bad, but that Apple's antenna design is.
There's a simpler reason for why Apple didn't just create a combined model. The Verizon iPhone 4 is superior to the AT&T iPhone 4 when used with AT&T's network. The iPhone 4 for AT&T supports HSPA 7.2. The iPhone 4 for Verizon supports CDMA and HSPA+ 14.4. Apple wants to make sure that it sells out of all the iPhone 4s that it created that are only HSPA 7.2. That won't happen if people know can get an iPhone 4 that supports HSPA+ 14.4.
If Apple had included a SIM slot, people would want that phone over the AT&T iPhone. With the inclusion of a SIM slot, it's a better phone. Not only is the network speed faster, but you could switch between AT&T and Verizon without re-buying your phone. Apple doesn't want customers to start buying this new device and see large stockpiles of the old one go unsold and the Verizon iPhone is likely more expensive to produce because of this chip. So, Apple doesn't include a SIM slot and almost no one is the wiser (and even if they are, they can't do anything about it).