Personally, I don't think that makes the same sense as a layer mask, ALT/OPT dragging a layer already duplicates the entire layer.
Until Adobe possibly decides to implement such a feature, one way would be to use Layer > Layer Style > Copy Layer Style and then Layer > Layer Style > Paste Layer Style (which isn't reserved only for blend if, so my also copy fx like drop shadow, stroke etc). Perhaps an advanced script could only copy the blend if and nothing else.
@Stephen_A_Marsh, if you like making 100 unnecessary steps, your choice
and finally stop your mantra about scripts! they are needed only by those who use a range of repetitive actions to automate them (batch processing) and who more or less aware of them, for regular manual editing it sounds ridiculous
as a big fan of it, you probably have scripts even for functions you use once a month or once a year 🙂 LOL