Yes, without a script, you'd do it with a common event attached to the item.
Control Variables will let you put an actor's level into a variable, which you can then use as a conditional branch. If the item is consumable, and the user isn't the appropriate level, you will need to add the item back to the player's inventory as it will already have been removed.
Using a common event to determine whether the item can be used also means you need to put all the item effects, damage, etc into the common event as well, and leave it off the item setup itself, as the common event is called AFTER damage has been dealt.