Well there's the wish for a completely broken pelt or barb helm but iirc it's like 1/30 chance for a magic item from a rack so it would be a complete waste of time considering I can get a billion of each from each cow run I do.
Weapons, on the other hand, might be more interesting. I think nulio recently racked a bunch of claws (forget base item) for crafting since weapons can be crafted regardless of quality (magic, set, etc.)
I think other than Arreat's Face all of the class-specific uniques are trash compared to later versions, but most are still usable in 1.07 itself if you desire to do so...