Custom item redesign

Great stuff, but what are the limitations? How many times can I use this(per item or in general)? Can I shuffle my vouchers? Can I change anything about the item(not counting tag and resref of course), like item type and name? Is the redesign voucher needed per every item changed, every reward voucher or per change?

Let's say I have put 4 vouchers into 2 unequipable items(2 per item). A week later I earn another voucher and now that I'm triple the level I find the spells those items provided mostly obsolete. So now I want to create some uber sword and put all of those vouchers into it and give it a new name and item type. And let's say I find even the sword obsolete after a year or so and decide I'd like to create, say, 2 rings and a pair of boots in place of the sword, putting 3 vouchers into boots and one per ring. Would that scenario be possible and if so, how many redesign vouchers would it require?

Basically, is it like "anything goes" as long as I stick to the rules and don't split the vouchers or change the tag/resref?

I'm going to say, to head off any headaches on my end:

You can use a redesign voucher for a single custom item at a time to do one or more of the following:
a) change the item's appearance or icon
b) change the item's properties
c) change the item's description
d) change the item into a new item type
- - any changes need to result in an item valued at the original item value limit or less
- - you need a new redesign voucher each time you send me a redesign for each custom item
- - you MUST give me the correct name of the original item so that it can be
overwritten

I'm the one that really sets the final tag/resref in the toolset.

I'm going to say no to:
a) swapping around voucher "values" between items
b) combining "values" from multiple custom items that you already have
c) splitting "values" that you'd combined with an original submission or upgrade to an earlier submission

Thank you for the quick answer, now I feel a lot less confused

However, does it still apply to redesigns right before reincarnation/ascension so that there is no way to preserve the value of custom items?

I guess I can allow that with a redesign voucher, but you won't be able to split the values back apart later.

Does that mean that item condensation is going to be allowed with these vouchers? Could we also get these limitations noted somewhere in the custom items thread?

(P.S. I'm not dead, just really busy with RL stuff and a new game )