Let's consider, for a moment, the Boots of Blinding Speed. A fantastically powerful artifact with two constant effect enchantments that would be -impossible- to make with the game's current enchantment system. You simply can't enchant a pair of Netch boots with such great enchantments. A friend and I were playing through the game as a conjurer when we came to consider this oddity, and my friend suggested that it was implied that the boots were able to have such a great fortify speed enchantment because they had such a terrible blind enchantment.
That is kind of the idea of the boots, right? You practically get them for free, but they are meant to be useless without being clever. But WHAT IF the in game enchanting worked exactly like that? That is, what if the player could enchant any item with incredible enchantments so long as they balanced it out with negative ones? As it stands now, the game is blind to the difference between a blind spell and a fortify attribute spell: both will cost the enchantment points of the object even though one is beneficial and one of them is not. It stands to reason that a negative enchantment should actually free up more enchantment points depending on how negative it is.
This would make enchanting items far more interesting. A player could, for instance, craft a sword for himself with amazing power, but one that drains his health at an alarming rate. That is only an example. I hope I've explained the idea well enough in that jumble of words up there.
Is it possible? For some reason I think not, at least not with the construction set alone.