It was poor programming on my part. I didn't know that JavaScript tended to make references of objects instead of copies.
So doing...
var myReference=(type == "cart") ? cart.data : wish.data;
myReference[0].name="Bob Dole's Grill";
... will actually change cart.data[0].name outside of the function. And it will do so without making a copy of the cart object in memory.
Note: You could also just pass in the object by reference into the function, but I'm not sure if I can, because I'm sometimes invoking this function from a KnockoutJS click event.