IMHO, if the SoCs are similar, copy-pasting a bunch of code which results in two similar codebases doesn't make sense, and probably results in some extra maintenance burden. I'd rather see common code instead (to the extent that is possible).
IMHO, if the SoCs differ significantly, copy-pasting code then changing it sounds completely insane. I doubt that this is the case here, but in case it is, I believe the most logical approach would be "starting fresh", i.e., adding properly updated files from the start, in a patch train.
NB I am not an expert and may be mistaken.
Patch set 1:Code-Review -1
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