This is definitely doable. What do you want to use for the automation trigger? Will it be the changing of that single select field?
The only automation action that you’ll need will be creating a new record, and setting the desired fields to the desired values. To insert values from the triggering record, click the blue + symbol to pull data from the trigger step, which will be from the triggering record and its fields.
More about automations can be seen here:
If you need more specific guidance, let us know!