You need to register the item in movements.xml also.
I did this but magiclevelpoints only seems to work on a couple items like spell books. I use same server tfs 0.3.0beta2
<!-- Armors -->
<movevent event="Equip" itemid="7884" slot="armor" level="500" function="onEquipItem">
<vocation name="Knight"/>
<vocation name="Elite Knight" showInDescription="0"/>
</movevent>
<movevent event="DeEquip" itemid="7884" slot="armor" function="onDeEquipItem"/>
<item id="7884" article="a" name="Terra Mantle">
<attribute key="weight" value="2250"/>
<attribute key="armor" value="100"/>
<attribute key="slotType" value="body"/>
<attribute key="absorbPercentEarth" value="20"/>
<attribute key="absorbPercentFire" value="-20"/>
<attribute key="magiclevelpoints" value="200"/>
Im I doing something wrong?