(Edit - Noticed after the fact that I jumped track in my quality symbols - the -axe- became a +axe+ after getting decorated, and that does NOT happen. Fixed below.)No, of course you can do it. Well, kind of. Maybe. (This
is Dwarf Fortress, after all...)
First, for any newer players, let's be clear about the diff between Value and Quality. V & C are not related except mathematically - basic Value of an item x Quality = final Value. It's the diff between the highest quality sponge on the market and the lowest quality private luxury yacht - low quality can still be high value if the base value starts large, but if the base value starts low (a "sponge") even the highest quality won't help much in final value. Make all the beds you want, one crappy weapon-trap spiked ball will be worth more than the best of them.
If you <<decorate>> something, that simply adds to the value, simply the item starting Value + decoration 1 + d2 + d3... unlimited (in theory?). Once decorated, the Quality of the decoration is shown outside the <<angle brackets>>. So if you start with a well-crafted -steel axe-, and add ≡ exceptional ≡ decorations to it, you now have a masterfully decorated ≡<<-steel axe->>≡ - the axe itself is still just -well crafted- Quality as far as combat goes, but for Value, it's now the value of a {-steel axe-} + { ≡ exceptional decorations ≡}.
Okay, back to the OP...
Now, in the Stockpile Settings, for any Items that have Quality (not "wood" or "stone", etc), you can select a range for both "Core Quality" (the Quality of the item itself) and "Total Quality" (the higher of Core or Decorated Quality). (Note that "Total Quality" is perhaps a poorly worded term - "Overall" Quality might better express the concept - ymmv, but you know what's meant.)
http://dwarffortresswiki.org/index.php/DF2014:Item_quality#Quality_levels_in_stockpile_settingsThe problem is that the simple difference of "decorations" isn't acknowledged unless those
increase the Total Value (the higher of Core and Decorated) - no diff between a +steel ax and a +<<+steel axe>>+, unfortunately - both the same "Total Quality". So this is best only if you start with low-quality items
(like stone mugs made by a Dabbling Stonecrafter, or goblinite trash), and have them decorated by a highly-skilled Craftsdwarf who is guaranteed to improve on that low quality.
And that's tough, b/c unless you lock him in with the specific items you want decorated, he chooses items at random - maybe the one nearest to him after he goes and gets a drink or wakes up from a sleep. Yay for the ≡<<larch barrel>>≡ or ≡<<pig tail sock>>≡. :/
You can also try to micro-manage items, sorting near diff Workshops by Core Quality - ymmv whether that's worth the trouble.
Sorry couldn't be more help, GL!