How to create a defconfig file from a .config?

I think you have to do just one command and use the created file as you want to.

% make savedefconfig 
% cp defconfig arch/arm/configs/my_cool_defconfig

(Pay attention to the filename template that is used for defconfig)

To get all possible targets just run

% make help

As noted by Adam Miller followed by Jeremy, users of Buildroot distribution can use wrappers for that purpose, i.e. (per Buildroot manual, section 8.1):

• linux-savedefconfig for Linux kernel
• barebox-savedefconfig for barebox bootloader
• uboot-savedefconfig for U-Boot bootloader

make savedefconfig minimizes the generated defconfig skipping redundant configs that are implied by others.