I would like to add an option for a small order of an item and a large order of the same item and for people to have the option to pick quantity.

3rd item. I would like to add an option for a small order of an item and a
large order of the same item and for people to have the option to pick a
quantity for each. Is there a way I can do that for the same item without
creating a new product for the same product just to get a quantity dropdown
option?

Yes it is possible to achieve your requirement by taking advantage of our "Sub-product" option. You may like to take a look at the following guide which should help you: https://www.jotform.com/help/264-create-sub-products-based-on-a-product-option

Please note that you can add a product in payment tool and then add sub-products options in the same product. Please take a look at the following demo form where I have added "T-Shirt" as a product and then "normal and bulk product" options: https://www.jotform.com/202993722001044

Please check the screenshot below on how the product options will be displayed:

Hope this helps.

Do get back to us if you have any questions.