Migration of Work Items

The customer I'm working with has created some seventy work items in a project. However, there has been a great deal of configuration churn, and thus there are numerous archived team areas, development lines, etc.

Once he stabilizes on a given configuration, we'd like to create a new project with its associated configuration (team areas, development lines and iterations, project configuration, etc.) from scratch and migrate over the work items (code is easy). Is this possible?

Thanks, Gary