I actually didn't know another plugin was required to make this one work, as its not mentioned or linked anywhere within the plugin's information or instructions that i could see, however upon installing the " EliMZ_Book " plugin, its still doing nothing. its for item use in main menu, and i'm using MZ, which is up to date. I also just downloaded this plugin so i don't see why it wouldn't be the latest version too. and yes, i did use the note tag, i even copied over the exact example to ensure my dyslexia wasn't causing me to write an error and not see it when trying to figure out why it wasn't working. I tried with and without the " Pan, pitch, volume " since it said in the instructions i didn't need those, neither version of the note tag worked.
I'm not super new to RPG maker, i genuinely don't see how i could be having an issue with it but at the same time i feel like i'm gas lighting myself and i'm 100% overlooking something obvious x"D
also quick question, can this be used to entierly remove a sound effect too or does it only replace the Se with another? I have a different item i wanted to remove the sound on because it calls a common event for character selection that you can cancel out of and i don't want it to sound like you used the item and then have the option not to lol 
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If you do not use the EliMZ_Book, the rpg maker plugin manager will warn you about that, on the footer of the plugin manager window(where you install your plugins)
Your note tag seems right. Since you also tried with only EliMZ_Book and Item sounds ON, I guess I will need a sample project from you replicating the issue so I can take a look. Because I'm not being able to replicate the error on my side.
Just create a project, configure the plugin the way you are doing. And upload it somewhere and send me the link so i can download.