Well on Xbox I sold Hircine's Ring to some shop-keeper accidentally and could never find it again.
But yeah maybe you could start off with a detect spell and that levels up to detect items (glow based on how much they're worth), and detect life.
Off topic: it was crazy in Morrowind, the shop keepers would equip most items you sold them, so unless you killed them it'd be gone for good.
On topic: Rex's spot perk was great, Dogmeat's fetch was great.
I used to take the tower BS in Morrowind all the time for the detect ability, even if finding keys on shelves and on tomb walls was a nightmare.
I've yet to use the particular spell, but I think LAME adds quite a few spells to mark objects / bodies that the physics / grass make disapear.
So it's not impossible to do, and would boost non combat spell lists for more role based players to create a specific Diviner / mysticism build even if that school has been removed.