Yes, it certainly is. Use shifts. In the KS manager (no idea what to do if you use the .ini) Select the shift you're using and choose the power you want to take away in the "Flag off" box. For example if you want to remove highjump, select "Item off=Highjump" to take away highjump. As for giving powers back, use the "Flag on" box. You can only take away and give back one power per shift though, so if you want to give/take multiple powers you need multiple shifts.