...if so than I haven't found it, yet.
I am basically looking for a way to make a whole new copy of the entire project with all of it files, so I can try something out. Snapshots seem kinda clumsy with their restore option and the file names don't really change making it difficult to know which version I am currently working on. For now I am just making a copy/duplicate of the whole project folder, but that only lets me change the name of the surrounding folder, not the project inside. Any ideas?

If you don't need to change any file names, only the project name and targets, select the project icon at the top of the Project Navigator, open the Identity inspector (View>Utilities>File Inspector or OPTION-CMD 1). At the top of the Identity inspector will be a textfield that allows you to rename the project. (I would Duplicate it first and name the enclosing folder appropriately) If you need to make changes to files refer to the documentation
"Making Global Changes to Your Code"

Bob

I have found the easiest way to do this is to a) set up a new directory place as your "copy root for xcode projects". COPY your entire project to this place by selecting the root directory for your project, doing a "copy" and then a "paste" in the new directory area. THEN, i remane the directory (the top level of the hierarchy that i copied) and then MOVE the entire structure back to my "root directory" for all my active Xcode projects ( you could use the new directory structure right where it is). I then open the myproject.xcodeproj file in the copied top level directory. the first thing i do i select the application name in the top left panel and rename the app (say form MyProj to MyProjA) and xcode offers to rename the target and some other things. i say "yes". then i select Product->manage Schemes and delete the schemes and autogenerate a new ones. these steps rename stuff so i know when i am in the "copy" vs. the "real" project. Cloning projects is just this easy (xcode 4); many older posts about issues in renaming projects prior to xcode 3 and 4 make me glad I am new to ios development.