no it won't work this way. at least not with base coding.
You could try making items Attuneable instead - so they will be tradeable until attuned.
Alternatively, you could set a perl script (quest) where a NO-DROP item is turned to NPC for a TOKEN that represents that item +payment for services (in a form plat or expensive gem), and then the TOKEN can be traded to other players, who can turn it back to the npc to get the original item.
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