Yes, I used an exquisite shirt, and placed one single point of 'constant effect' dispel on it, while spending the remaining points on water walking. Actually, I think I might have placed the water walking effect on it first, I can't recall. It is best to experiment with this though, because the order in which you place enchantments seems to influence the point cost. Also, I would assume that if you are only using it for dispel you can up the points you use for dispel, thus making the item even better.
I had orignally tried CE cure poison, but the point cost for that was entirely out of reach, so I decided to try this instead since the point cost is far cheaper. The shirt works like a charm, and is effective against most, if not all, destructive magic...very handy for traps if your security skill is low !
Note: I always create a separate save slot prior to having anything enchanted. That way I can test the item out to see if it works the way I want it to.