Yes, but how you want it to work depends on whether or not you want to use plugins:
No-plugin approach: Equipped items allow the player to use a specific skill (added to their skill list). So the "Fire Rod" would give the player a skill called "Fire Rod" but it'd have to be selected from their skills/spells/whatever menu rather than the item menu.
Plugin approach: Not sure if a plugin exists for the vintage (FF1/FF4/FF6 approach--select item from equipped items, use for effect) but any plugin that replaces the basic attack and/or adds an effect (unleash) to basic attack can be used for something like this. This is the approach I'm using in my game just because I think it makes more sense than flipping to the item menu just to use your Fire Rod properly.
hmm in exploring MZ with FOSSIL... I see I'll probably need to stick with MV for now as none of the menu altering plugins I use work on MZ lol. and I don't have the money to dump into what I would need in some cases to update plugins to their MZ versions. Everytime I think of converting, 5 or more reasons popup on why I shouldn't.
Hmm... Game has 91 views, 25 downloads, 5 reviews and netted me 7 additional followers. Meanwhile the image I posted just yesterday on Imgur to showcase it has 45,197 views. Interesting, I think I have a new advertising idea. Also Twitter? The post got 16 retweets, 20 likes, and 1,683 views.... And a whole 3 hits to my game, completely valueless. I am glad I did this game jam, this information is quite valuable.