Is there a faster way to copy time machine files from one disk to another?
A normal copy (or copy via rsync or ditto) will not replicate a Time Machine fully as it will convert two directories linked together (as occurs in successive TM backups with no change between) into two separate directories.

The best way is to copy the whole the disk using Disk Utility or the block copy part of Carbon Copy Cloner and probably similar on SuperDuper.