Whether you can make a snapshot copy depends on permissions I think.

But, yes, what I'd really like to do in many cases is to basically create a symlink to documents I know I'll be referencing/working with somewhere that they aren't mixed in with all the shared meeting presentations and the like I'll never look at again.

Not by right-clicking on the docs. You have to select the folder or document and then press "Shift-Z" which brings up a prompt letting you select where in your drive you'd like to move it.

And yes, according to their forums, even this feature will be removed at some point in the medium term future.