I'm being lazy about Javascript at the moment, but surely using getElementById or even using the older method of using the form's name to look it up in the array directly would be a lot simpler than building a loop to go through every form on the page until the right one is found?
In fact, why create a new form just to copy values into it from another form just to submit it?
Whatever is going on on the client, this looks like an overly complicated way of going about it. But, seeing as this has yet to have anything to do with PHP, I've got no more comments on it.