Ability to move an Update to a different item

Often a team member might write an extensive Update on the wrong item (whether on accident or because they were unaware of a different item that their update would have made more sense on). Rather than having to copy & paste or rewrite the Update on the better-suited item, I’d like to ability to move the Update to the other item with a drop-down option. See screenshot for example.

Anyone have a good workaround for this? I want to merge duplicate items that both contain useful updates – so I’d prefer not to delete either of them.

(See also Easily move update to a different item)