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To duplicate a comp, select it in the project panel and hit ctrl-d (cmd-d if you are on a mac).
I encourage you to have a look at the Nesting & precomposing part of the AE docs, it full of stuff that might just be what you need for you exemple
Thanks TONS!!! This will save me so much time!
I make animation presets all the time. They work just fine with Layer styles. Here's the trick. After you have completed your effect/animation on your layer press the U key twice. This will reveal all changed properties in your layer. Then, if there are no keyframes set an initial keyframe for each of the properties. Next, select all keyframes and go to Animation>Save Animation Preset. Pick a name and save. If you layer has keyframes you add keyframes for all settings that are revealed by pressing the U key twice, then select all keyframes in the layer and save the animation preset.
Now you can just call the preset up from your Effects and Presets panel or from the menu and apply it to any text layer.
One more note, You'll see source text for a text layer as a changed value. Don't set a keyframe for this or every time you apply the preset you'll get the same text you have in the original. OTT, this technique works just fine.
Not to spoil Rick's advise, but normally it should not be necessary to create extra keyframes. The alternative is to select the changed properties, then use drag&drop to the Effects & Presets palette. You will be asked just the same where you want to save your preset, but without the overhead. I believe, however, that some stubborn third-party plug-ins will not save the correct data this way, so in that case creating a keyframe would be required.