Currently the onDrop JS event only allows two arguments; pDropper and iDropped (who drops, the item dropped). I'd like to see this event extended to include a third argument - objDroppedOn - to allow the creation of scripts dealing with dropping items on other objects (items specifically, seeing as there already is an onDropItemOnNpc event). An example would be dropping runes directly onto a runebook and have it added to the book. That is not currently possible to script.
The onDrop event should also run for objDroppedOn.
Looking into this it sounds like you are asking for an onDropItemOnItem function that works the same way onDropItemOnNpc does (fires for both dropped and dropper, and returns values to determine if the item should bounce, original code should run, etc).