Tim,

Short answer: no. From my experience you have to maintain them
separately. The best thing to do is maintain a copy of the settings
file (it's something like WP_SETTINGS.XML), and if you have to switch
to the backup, copy that file to "\My Documents" on the iPAQ using
ActiveSync, or from an SD or CF card.

(Also make sure that you make regular backups of both units using iPAQ
Backup, and specify external storage (SD or CF) for the backup files.)

~ted/2NO