On node view page show a link or button that executes an action? The closest that comes to this for D5:
http://drupal.org/project/node_operations_block

I am familiar with creating VBO Actions, but not sure how to create it for a node operation. Such as a link or a button, that creates a new node with default values for example.
You can use the Flag module to put that "button" on the node. Then using Rules you could execute a VBO or simply use rules to create that content. Don't forget to look at Rules Bonus Pack for more goodies.