I have just set up 40 Items as part of trialling LiveAccounts. A copy function from an existing Item would save some data entry time. i.e when viewing an item, have a new button called 'Copy Item' adjacent to the 'Save Item' button.
I could have created the data in an external file and imported it, but didn't want to bother getting the format right, or risk doing it incorrectly and have to make the imported data 'inactive' before trying again.
A copy funtion would ensure more consistency when setting up data, such as formatting of item name, unit of measure, descriptions and buy/sell info.