Paniculatas are very cold tolerant (z3) and since they bloom on the current season's growth, any winter protection is unnecessary. I'd wait to take cuttings until next season. The plant needs that growth to help with establishment now and root development plus you would be cutting off potential flowers.

Although not readily visible, flower buds ARE present on paniculatas at this time. That's why the suggestion is not to prune once the plant leafs out in spring. And how much cutting off clippings may delay establishment depends on how full/how many stems the plant has on it at this time.

You can of course do whatever you like but I would wait.

Hmm, I've pinched back my limelight as late as June and still have had blooms. Maybe I'm luckier than others. Allencia stated her paniculata is growing like gangbusters so there should be many flowers this summer. I still say a few cuttings won't hurt the establishment of the plant.

Just want to second gardengal's comments on overwintering. I'm also in Michigan, grow a ton of Paniculatas, and have never winter-protected them.

I second gardengal and suggest that you at least wait for fall to take the cuttings. If you take tip cuttings from branches that have not flowered you will increase the chance that they will take. Use a heat mat, start in perlite - here is a link to a video that will give you an idea of how to do it. If you root them this winter and set them out when all threat of freezing temps is past they should do just fine.
http://www.screencast.com/t/EDYWKm0izY
I don't understand why you would want to take a new plant and mess with it? Plant it and enjoy - don't worry about pruning, fertilizing or spraying. Be patient! I am amazed how often people want to prune every non perfect twig off of their plants. I have more than 30 different hydrangeas growing in my garden and propagate more than 20 every winter so I speak from some experience. Follow the directions that came with your new plant for amount of sun and water. If there is a branch or twig that does not leaf out by the end of summer, then cut it back to a growing leaf node. Wait for after the last freeze before you trim back branches that did not make it through the winter.

I dont want to "mess" with it- i want to make more of it. i dont care to prune it to perfect; Im just cheap and cant afford to buy a bunch of them so I want to try and make my own because i can only afford two.

It is always a good idea to just let new plants settle in and establish before you start messing with them - pruning, dividing, taking cuttings, etc. The plants are under stress already from the planting process and need to become acclimated to their new location, new soil conditions, different climate, etc. That's why one often doesn't see much significant growth the first season in the ground and sometimes less than stellar flowering.

Hydrangeas are extremely easy to strike from cuttings so the opportunities are certainly there for you to increase your collection. But just exercise a little patience - 95% of gardening is having patience :-)

Thank you-that was all I needed to know. Also, how many years do you think it would take for the propagations to get large like the parent plant?

It always depends on growing conditions but a couple of seasons at least before it achieves a similar dimension....more if momma is a big plant to begin with ;-)

IME here in NH, paniculatas started from rooted cuttings are over my head after 4 or 5 years. They are fairly quick growers.