Sure you can. It would be a very simple script. I might try to right it. I'll see if I can.

Edit:

Code:
import "std.zh"

//This script, when attached to an item, works as a magic potion.  
//It refills Link's magic, but disappears after one use.
//A simple script, but useful.
//Set D0 to be the ID of the item.

item script MagicPotion{

	void run (int id){
		
		Link->MP=Link->MaxMP;
		Link->Item[id] = false;

		}

}
I haven't tested it, but it compiles fine.