It won't work with the updated Emulator such as Aion Lightning, Zetta Cores.
Know why?
They have added a check in the server side to double check the untradable items.
Even if you manipulate the client side (item.pak), the server will still recognize the item as 'untradable'.
However, this does not guarantee that it will not work on other P.servers.
Me, I own my own server BUT I don't mind players using this kind of things. This doesn't affect the game play in any way. At least it HELPS the player to trade (untradable) to those players that cannot hunt it alone.