If all you want to do is create a copy of the player sprite right where the player sprite is, then take it over, that's really quite easy, yes. Just have a global special function activated on button press that switches to a new sprite with all of the checkboxes except "delete old" checked, and select the player sprite from the list.
Of course, if that is your intention (to simply create a clone of the sprite), then there is no need to actually switch sprites at all. Simply use the "Create a new sprite" function, select the player sprite from the list, and choose relative to player at 0,0. It will look just like you created a copy of yourself and left the old one behind.
If you intend to change the physical appearance of the player sprite as he gets damaged, however, then the first method would be necessary.