In an OTN Discussion Thread, I saw that Nicholas Gasparotto pointed out a document with instructions on cloning PeopleSoft instances.
The document is ID #643499.1 on support.oracle.com. You can find it by pasting the document ID in the search box on the upper right-hand corner just after you login.
The information seemed like it had some great pointers, and if you haven’t already seen it, you might want to read through the steps to make sure you are taking all these things into account. On the other hand, I think it is very important to keep a step by step list of tasks for your particular system that you keep up to date. You will probably have specific things that you have to do for your environment that are unique to your installation. For example, if you are cloning to a test environment, what about blanking out the email addresses so that test emails don’t get sent out as production emails. Also, some people put a special message in the heading of the test instances so that it is obvious when you are in Test versus Production.
Thanks, Nicholas for the pointer — this is something I want to keep handy.