Hey CodedDesigns, Absolutely, I’ve done something similar with a game engine.
You can create an item, then build other add-ons or mods specific to the original item. You can also modify your original item and resubmit it as a different one / variation (however it should be significantly different than the original).
CodeCanyon items don’t necessarily need to stand on their own and can be add-ons for existing items (premium or free).
Depending on how you’re planning things – handling updates might turn into a bigger job.
Hope this is helpful
Spotted in disguise:http://www.worldmarket.com/search.do?query=tim+tams