Actually no, you can't craft yourself back to 0 XP. I experimented with the Ioun Stones and you can only craft 1 if you're at level 10. Then you have to gain XP again.
I think of it two ways... Either I can do the get exp, go to green/craftable zone, craft ONE or TWO high level items, repeat method... Or... Get _tons_ of exp at one time and use it up. Its not unbalancing - just time saving.