Items exist within tiers so editing a ring from a tier means that every ring of that type will have the same attributes (unless you use the toolset to create a unique ring).
With all the confusion about cheats, I think I'll just play it straight. Got over 40 bucks in this game, think I'll try to get the most out it, But seriously considering the "Kill All Enemies"...Is really cool to have people to talk it over with tho..