Based from the Stealth Ring, there definitely is a way.
Code:
<item id="2202" article="a" name="stealth ring (invisibility)">
<attribute key="weight" value="100" />
<attribute key="slotType" value="ring" />
<attribute key="decayTo" value="0" />
<attribute key="transformDeEquipTo" value="2165" /> -- this would not be needed
<attribute key="duration" value="600" /> -- ten minutes in seconds
<attribute key="showduration" value="1" />
<attribute key="invisible" value="1" /> -- this would not be needed
<attribute key="showattributes" value="1" /> -- this would not be needed
</item>
So modified, I would make an item like this.
Code:
<item id="2202" article="a" name="timed item">
<attribute key="weight" value="100" />
<attribute key="slotType" value="ring" /> -- would only be used if its equipment
<attribute key="decayTo" value="0" />
<attribute key="duration" value="86400" /> -- 24 hours
<attribute key="showduration" value="1" />
</item>
Now, this isn't tested. But as soon as this item is spawned it should start the duration, once the duration is done - item will be removed.
Im not 100% sure if you will need to modify anything in movements. I assume only if you add attributes to the item.
Regards,
Extrodus