yes, possible, but you would need to use some scripting.
there is the action part "if lua result" that acts as if query. You just need to type in : return and what you want to query.
For examply you can check if you are holding an item: return not game.UsedItem.empty (this will retrun "true" if you are currently holding an item)
There is also the action part "execute script" that let's you do all kinds of stuff.
you can get the name of the item you are holding by : game.UsedItem.name
or you could compare the item you are holding with one of your items
if game.UsedItem == Objects["my_item"] then
do something
end
But... one of the users (Christopher A. Summer) wrote a wonderful script that draws the item next to the cursor (instead of replacing the cursor) and included some settings to change the scale when on a hotspot or wriggle a bit. All you have to do is change the settings to your liking.