"Add Similar Node" Widget

It would be useful to have a widget that allows you to display a link that would allow you to add a similar node/content.

The widget should allow us to choose what fields/taxonomies we would like to clone from the current node, which to leave empty/not alter, and using context keywords even allow us to set different dynamic content from the current node.

The link text itself should be able to be altered to accommodate the way the person would like to say "add similar".

I've been using a module called "Create Related Content" combined with Eaton's "Custom Links" module to do this before I used Panels, but it is obvious to me now that a widget for this in Panels would allow much more granular/contextual control of both the links and the outcome on the similar content node edit pages.

Is this possible?

I've read that Panels can't control the display of fields on the node edit pages, but can it/could it pass something to them?

Thanks for your time!