points layer to Select points By Location like a polygon layer?

I understand if this can't be done, though I know back in the good ol' days of ArcView 3.2 there was a script or something or other that made it happen (XTools?? eek?), but here goes:

I have State-wide points layer and a Statewide Polygon layer. The Points layer has Odometer values. I want to know the odometer values for the points that touch the boundaries of the Polygon layer. I do Select By Location and I get a subset of points for the Points layer and export that out to a shapefile.

NOW: I have another Points shapefile that is larger than the points shapefile I just created. I want to Select Points by Location from the larger Points layer using the new Points shapefile. However, I can't do this because Select by location won't work for Points layers.

I can't believe that you can't select points from a larger points layer just because they are points. Is there a script for this or am I missing something here?

Thanks,

Dan B