No, just no

It's a lot more work to do something like that instead of having each drop do a few rolls to determine what kind of item it is and its quality. However, if they use a bad pseudo-random generator you could end up getting multiple legendaries in a very short time window. But then again, if you roll a real dice you might end up rolling lots of sixes in a row.
Keeping a database of possible items to drop is not realistic as this database would be quite large for each game that's active. Generating an item on the fly is much easier.
1. Determine loot type from monster loot table * modifiers (no drop, gold, globe, item, whatever).
2. Determine quality.
3. Determine prefixes/affixes.
4a. If item does not require identification, roll stats.
4b. If item requires identification, roll stats during identification.
PS. If you wait a long time then you loose your NV stacks
