Try this, (Thanks to Rhidian):
There are a few steps involved with creating a custom item ingame.
1) First you need a RootTemplate for your item. You can right click a Ring item in the "View Templates" window of the Editor and "Create new from selected". For the filepath, change it from Public/Main/RootTemplates/ to Public/(Your mod name)/RootTemplates/ (creating the folder if necessary in your game's install directory.
2) A Stats entry for your object. This needs to be in the Public/(your mod name)/Stats/Generated/Data/ for your mod (creating the folders if necessary). You can really name the txt file anything you want. Note that this folder is not the one within the Editor filepaths. You can model your item stats after other objects of the same type.
3) A links entry in the Public/(your mod name)/Stats/Generated/Links/ folder. Within a single line you need to combine the name from your Stats entry with the GUID of your RootTemplate (right click your template in the editor and copy GUID to clipboard).
4) In your RootTemplate file in the Editor, change the "Stats" entry to the name you created in the Stats/Generated/Data/ folder. You may need to reload the Editor to see it as a valid option.
5) Actually getting your item into the game. There are several ways to do this, depending on your needs.
I intend to have this in the inventory by default. Another issue I'm running into is that I can't create a copy of the object. The editor keeps throwing an "Invalid Filename" message at me.