Persona's follow a linear progression in their own Arcana. If you want a Persona of the next one in the Arcana, fuse 3 of the same Arcana that are closest to each other. If you want to go back one, fuse two of the same Arcana next to each other in that line. If you want one between them, then get the two around that one.
It's based on the average level somewhat. So you could get a level 99 Izanagi and use him to fuse a high level persona. But if you got two fresh Fool Arcanas right after Izanagi (like level 4 and level 7, or something), and fused them, you'd get a fresh base level Izanagi.
If you're thinking about Fool-2 or Izanagi-2... not really (except for Izanagi, but that doesn't count).
If you're talking about as far as elements and attacks go... kind of. Just go for high level Personas.
It's like my Rattata is in the top percentage of Rattatas.
Be careful when registering farmed personas, since they are usually worse than their fused counterparts. Registered personas are pretty important when you are fusing or in new game plus. It's costly most of the time but you can skip the level needs that fusing requires.