Possible to move matrix sub-items to new parent?

Does anyone know if it's possible to move existing matrix sub-items to a new parent? We would like to consolidate a large number of matrix items that have a single matrix item option into a much smaller and more manageable number of parent items with several matrix item options.

Thanks for any input.

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A little background:

We currently have a massive catalog and are trying to consolidate it down to a more manageable number of products on our ecom site. This catalog currently includes 1,600 parent matrix items. We have traditionally only used single matrix item options because the Site Builder site does not allow for matrix item option dependencies out-of-the-box. For instance, if an item was not available in the color blue when size large is selected, the site would still display the option despite it being unavailable.