you may want to make the .bat file that's stickied in the mod discussion.
It clears all .adm files prior to launching Torchlight. I had TONS of mod related problems before making that file.
well.. here it is. viewtopic.php?f=6&t=4911
del "%appdata%\runic games\torchlight\*.adm" /Q/F/S
del "%appdata%\runic games\torchlight\*.cmp" /Q/F/S
del "%appdata%\runic games\torchlight\massfile.dat"
del "%appdata%\runic games\torchlight\masterresourceunits.dat"
del "%appdata%\runic games\torchlight\mods\mods.dat"
It may clear up the problem you are having with changing an item, and having to spawn the new one to reflect the changes.
Once i started routinely using this .bat file Any changes i made to an item, were reflected on the already dropped item.
I was having Mesh issues with some items i created, i'd shut torchlight down and make the changes in TorchED. Run the Bat file, fire up torchlight. And i could see the changes on the Char select screen. I didnt even have to go in the game to see if the changes were what i wanted or not.
I'm sure i had Stats change the same way, i did a ton of editing to an item.... I kept going back to Nerf an VERY overpowered item i created. Took a few changes before i got it down to a reasonable level.