I have Magnezone in my OU team, and I want to put Air Balloon Zoroark to trick them :D PLZ HELP!
Sure. Just slap an Air Balloon on your Zoroark, and ensure that Magnezone is in the last slot.
Note that the Air Balloon on your Magnezone will not be seen on your Zoroark, which is why Zoroark needs to hold it.
It wouldn't work because the item is not copied like the Pokemon and it's name are when using Zorua and Zorark. Nice try though!