Can you make 2 backups for the same device

Hi Fungus123

Welcome to the Apple (user-to-user Community.

Re: I want to keep this back up as well and also start a new one when this becomes an iPod, but don’t want to restore. Can that be done?

Seems so:

You might want to browse through Apple support's article (link below)

Locate backups of your iPhone, iPad, and iPod touch - Apple Support

Eg: Says that you can manage a list of your backups:

You might want to scroll to: "Find and manage backups stored in iCloud"

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Re: Or is my only hope making an iTunes back up?

Seems we can now use the "Finder" as well:

Eg:

How to back up your iPhone, iPad and iPod touch with your Mac – Apple Support

More info:

Backup methods for iPhone, iPad, and iPod touch - Apple Support

How to: Restore your iPhone, iPad, or iPod touch from a backup - Apple Support

How to: Sync content or transfer files between your iPhone and computer with the Finder or iTunes – Apple Support

How to: Use the Finder to sync your iPhone, iPad, or iPod with your computer - Apple Support

All the best :-)