AlterBrains

Can I use MightySItes to create cloned sites that are independent of the master? In other words, can I use MightySites to quickly deploy sites built on a particular template but hosted as individual (normal setup) sites?

Also once a site it built in MightySites using the Master Slave, same database, different templates setup, can I split it off to its own separate Joomla setup?

You can only copy database tables into another or same database with different prefix.
Copy of files is not possible.
MightySites is intended (but not limited) to use same Joomla installation for all sites, so in case of database copy you can quickly setup new site with own database data.