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Yes it is possible. You can take advantage of our recently released app "Field Manager" to achieve your requirement: http://apps.jotform.com/app/field_manager
You can also visit http://fieldmanager.jotform.io/
Field manager app will give you flexibility to copy/clone one or more field from one form to another. Please try this app and get back to us if you have any questions.
I just tried. Unfortunately it doesn't work for the products itself. It only copies the PayPal payment option and says please run the wizard. But the items are not copied :(
I just tested this too and you are correct, payment form information is not passed along. I tested this for widgets too and their data is also not passed. I believe this has to do with how they are loaded into the form separately from the regular fields. For this reason unfortunately, I do not believe the data can be copied from one form to another, short of copying the whole form.