Yes - you can automatically populate custom fieldsets with information for any item in your database. This pre-filled data will automatically appear whenever that item is added to a new transaction.
Once you add this item to a purchase order, you will see a "Custom Fields" column with an "Edit" option. When you click "Edit", the pre-populated fieldset and its values will be displayed.
Please Note: An item can have a maximum of one custom fieldset applied to it at once.