I have had success with this.
...to a certain degree.
Where I am currently falling down is trying to copy and restore Bitmaps of varying size.
I can successfully copy and restore a Bitmap of smallish size.
I then tried to do the same for (as the fore-warning Chris Thornton suggested) a gargantuan Excel worksheet with both thousands of cell data, as well as two sets of data on a graph, lying on the same worksheet.
I have found that the data copies and restores without problem. Where it falls down in this instance is allowing the 2-set graph with the worksheet copy.
If any of you have had a problem in copying and restoring Bitmaps, let me suggest what worked for me: when attempting to restore the Clipboard, iterate through the list of formats in reverse order and set each data object that way. (i.e. It seems that a Clipboard must be set in reverse order that it was copied in)
Regarding the case of the gargantuan Excel worksheet and accompanying graph, I also hit another stumbling block: I could not successfully copy the data object whose format was "Meta Data File". That could be the reason why Copy/Restore doesn't work in this case.
I got this far about two weeks ago, and tabled it for more pressing issues.
I wanted to put this out there to let anyone else trying to do the same that it seems like it can be done. (anything can be done in computer science. anything.)