Seamless Item Replacement for Adventure More 1.8

Startup (set scoreboard objective)
/scoreboard objectives add whitewool dummy

Step 1 (detect initial item)
/scoreboard players set @e[type=Item] whitewool 1 {Item:{id:"minecraft:wool",Damage:0s},Age:0s}

Step 2 (summon new item with NBT)
/execute @e[score_whitewool=1] ~ ~ ~ summon Item ~ ~ ~ {Item:{id:minecraft:wool,Count:1,Damage:0s,tag:{display:{Name:"White Puzzle Block"},CanPlaceOn:["minecraft:sea_lantern"]}},Age:1s,PickupDelay:20}

Step 3 (remove default item)
/kill @e[score_whitewool=1]


Torch with HideFlags (hide your CanPlaceOn info)
/scoreboard objectives add torch dummy
/scoreboard players set @e[type=Item] torch 1 {Item:{id:"minecraft:torch",Damage:0s},Age:0s}
/execute @e[score_torch=1] ~ ~ ~ summon Item ~ ~ ~ {Item:{id:minecraft:torch,Count:1,tag:{CanPlaceOn:["minecraft:dirt","minecraft:sand","minecraft:stone","minecraft:gravel","minecraft:cobblestone","minecraft:clay","minecraft:coal_ore","minecraft:iron_ore","minecraft:redstone_ore","minecraft:bedrock","minecraft:grass","minecraft:lit_redstone_ore","minecraft:gold_ore"],HideFlags:16}},Age:1s,PickupDelay:20}
- kill @e[score_torch=1]