Is it possible to cut out an odd shape on one sheet and overlay it on to another and still be able to manipulate the original cut out shape? Such as rotating the shape and adjusting the size?
Yes, this can be done with the Snapshot tool (G is keyboard shortcut). After your snapshot is set, it'll automatically copy to the clipboard. Now the trick to get it overlay on another page in the same spot is to Ctrl+Shift+V instead of just Ctrl+V. Then you can use the grips to adjust from there.