Not really. You would need 980 items to give the hero 20-999 damage (based on wood).
Instead, do this:
Make an item which has no abilities.
If the hero picks up the item give the hero an item ability.
You'll need 3 ability.
First: has 9 levels, gives 1 damage*level
Second: has 9 levels, gives 10 damage*level
Third: has 9 levels, gives 100 damage*level
If the hero has 0 wood then:
Give the hero the lvl 2 second ability. (= giving 20 damage)
If the hero has 147 wood then give the hero:
lvl 7 first ability
lvl 4 second ability
lvl 1 third ability
When the player gets wood ( Player - Player Property Wood Gets Greater than or Equal to 0)
Change the level of the abilities.
It should work unless there is a bug with removing the item ability. I'm already late from somewhere so I don't want to test it now, but it's much better having 3 abilities with 9 levels than 980 items.