Copying a catalog item to use as the basis for a new catalog item

[Mike LHCG1]

I need to copy a catalog item to use as the basis for a new catalog item which will have a lot of similarities. When I copy it, do I need to have a current/in process update set to capture the copy?

[Dr Atul G- LNG]

It would be better to create a new update set, as you are going to make changes in the copied version.