wow i wouldn't value poring hats at more than 12z, but the notion that you could "sink" it is a good one. Perhaps it could be done, but it take quite a lot of scripting as you would need to make another item of each kind (this time with a slot in it), and you would have to edit the scripts for the socket enchanter.
It would be a good thing too for the socket enchanter to gather some chump change. ex: 5k z and 1 iron or 1 iron ore a pop would add to the value of irons and iron ore (as getting steel is so easy that ppl don't seem to bother with those aforementioned items... xP)