Yes, there is a SHELDON DNA project at FTDNA, and I had mine tested in 2007 with results received early 2008. Some questions by one organization studying Sheldon surname families basically stem from whether colonial progenitors were related. Of the five studied, 2 fall into one group and 3 into another. Others who have tried to connect their paper genealogy to this one organization's records could not, but DNA has linked them with specific lines.
Additionally, while on paper genealogy I descend from a John Sheldon from South Kingstown, Rhode Island, d. 1706, (who had only one son), another descendant from this son (also named John) and I are a 100% match at the 37 allele level. We have essentially ID'd the Y-DNA marker of John (the son) Sheldon. Further studies by an Admin of the project have shown that, since the other colonial progenitor (named Isaac) shares a common ancestor with John (father - colonial progenitor) we have essentially ID'd this John (Sr.'s if you will) Y-DNA marker.
Other surnames have been linked to our Y-DNA marker. One is a Cotton surname, and what is interesting is that this person's father came to the Americas from the U.K., and we know that John Sheldon's origins were from England but have not proven parental lineage. The interesting thing here, though, is that we now have a recent DNA link to the UK that did not occur consecutively with ours, and this Cotton genealogy helps us focus in the area of origination. It is likely that we share a common male ancestor with the Cottons, or one or the other raised a male child with the other family and adopted a name.
SNP's have identified that our Sheldon line has shared a common ancestor with one of the Gladiators that were discovered in York.
Lastly for this summary here, there is a Land connection to my Y-DNA. I have researched this origin to the generation of a Casper Land where one researcher tells me a woman had children and she lived with her father and they may have take the father's surname instead. It is plausible reasoning.
I want to give credit to the Admin of the SHELDON project at FTDNA. She is a blessing to have as a cousin, researcher, and friend. Thanks!