I tried this recently. I have one shop PaivatarYarn
https://www.etsy.com/shop/PaivatarYarn? where I wanted to sell just spinning fibres and handspun yarns, and opened a second shop for my handmade items
https://www.etsy.com/uk/shop/PaivatarDesigns?My pageviews dropped dramatically for both shops as soon as I moved half of the products to the new shop. I had about 150-160 items in the old shop, and about 70-80 items in the 2 split shops. I think there may be some Etsy algorithm that gives less exposure to shops with a smaller amount of items. I have read that you need about 100 items to get an increase in pageviews. I have had the 2 shops running for about 3 months now, and have found it difficult to get them both going to the same volume of pageviews I used to have. It takes a lot of time to build up a shop reputation, likes, reviews. If something is working, don't try to change it. So I have now moved everything back to the old shop - where I also still have the Paypal vs the DC payment option as well.