Cheat! and One Time Use Items

[AttilatheNun]

Since the most common use of the Cheat! card is to remove a restriction from an item, a while back a friend of mine tried to use it to remove the Usable Once Only restriction from one of his items, effectively making the item a permanent piece of equipment. Being the game owner, I allowed it at the time, but the ruling has never quite sat right with me. I'd just like to know whether there's an official ruling on this. I couldn't find anything in the FAQ or errata.