Custom Ioun Torch's
 

Is it possible to create an item with two changeable values? I would love to be able to have ioun torches at custom spell/caster levels.

Would need to know more about "changeable values"?

To give an example of something the "Torch" weapon I added to the Pack gets a checkbox option to appear on the "In-Play" tab. Maybe that will help you get a changeable value?

See HERE on GitHub.

Being able to adjust the caster level and spell level of the ioun torch. Arcane casters get it at lvl 2 while clerics get it at 3. If a caster adds the heightened metamagic feat it can go higher. Of course the caster level will vary depending on who is casting it too. (Those all come into play when dealing with light/darkness spells, and dispel magic.)

Most things have the ability to have two drops down which could be used to allow a person to select CL and Spell Level.

Assuming you have the community Pack installed you can use the following custom expressions to produce a pair of dropdowns:

Use this for a selection of spell levels 0-9
Use this for a selection of caster levels 1-20
Then you can test the tag "Value.?" to for each chooser to figure out the spell/caster level chosen.