The way I would approach this is to use several objects and swop them about as needed.. take for instance a knife, broomhandle & ball of string that could allow a sort of 'spear' to be fabricated by binding the knife to the broomhandle.

I would set up the three individual components. knife, broomhandle and string as regular Quest objects.. then set up a 'spear' object in the same way but have it hidden.

Now a simple command can be coded - say 'bind knife to broomhandle' this would need to check that the player had the knife, string and broomhandle and if so, the spear object is coded to appear, replacing the three component objects which are made to disappear.. breaking the spear would be coded to make the 'spear' object disappear and its component parts re-appear.

Basically this idea can be used and expanded as required and isn't too hard to code.

If would be of help, ask here and I will code a demo of the above for you.

Good luck