Yes, this is possible. Just go to Settings >> Copy configuration (test to live) or (live to test) (under Bulk Operations section), depending on which site you need the configuration to be moved to.
Configurations that can be copied are -
- Email Notifications (V1)
- Email Wrappers
- Hosted Pages Settings (V2)
You will then be provided with the list of options that differ from each of the sites, eg, any new add-ons or plans you might have created from the last sync.