The copied clip will be the same length as the original, of course. But its length can be changed in the bin, and applied to the timeline.
Though Fade In and Fade Out are shown as EFFECTS choices, they are in reality transitions. To save an IN/OUT effect use Transparency, like this...

Then click the folder icon on the toolbar and give the effect a name. It will appear as just another icon at the bottom of the EFFECTS window.
Apply it to any clip.