I once lost a valuable load of furs when a pack of wolves surprised me with my animals. I didn't realize I'd lost a cow until I'd traveled a long way and then had to find a way to locate where I'd encountered the wolves.
So, you look in the msglog.txt and find a message created at the time you last used the item. There will be a 8-digit code which is interpreted as the x-y coordinates. Compare that location to your present location and do a little math and you can return to the last location of the item.
I THINK that's what you were asking. If not, forgive the longwinded reply!!