Yes, but that could get tedious quickly, unless you have a lot of materials saved up or love the challenges.
At one point I collected enough ingredients to make 10 or 11 items, trying to get just the right set of effects on a caster staff for my Divine Disciple cleric. Even with recrunching, which gave me about 15 total pulls, the best version was just okay.
Continuing on, if you have materials or are willing to run Shroud, you could make an Enervation weapon - I think Shroud weapon effects are about 4-5%, so approximately equal frequency to a roll of 20. And you could make an Enervation Guard accessory too, for extra level draining goodness.
And for light resistance, there's an ability in the Exalted Angel tree that reduces it by 30%, which is twistable. And I think Shadowdancer has a Protection from Light ability, although it only shields about 150 points from what I remember.
Edited to add: And I just remembered the obvious, which is the new-ish random weapon effects feeding and draining, guaranteed level drains on a 20 with temporary hit points or spell points, respectively. An easy way to fill the weapon slot while looking for a named item, the Auction House and quest loot tables are practically overflowing with them.