Hi Dustin,
You could use Dynamic Content (some documentation for it can be found in this file Creating and Managing Emails in Eloqua 10) to create blocks that reference your various products and if you have a finite number of permutations (like 4 products so 4x4 variations) you could create content blocks that could be swapped out based on preferences for 2 of 4, 1 of 4, 3 of 4, 4, of 4 products, etc.) but if you have a large base of products and a multi-select pick list you're using to provide the reference to point to the dynamic content you'll have a hard time with it. Depending on the volume of products and how you have the data stored you might need to come up with creative ways to display the content or maybe only highlight up to X number of product selections in a specific email template format based (less than desirable I know). If you can tell me how you're storing product preference information and how many permutations of products someone could have I can better point you to a solution but the answer is yes there is probably a better solution
Best,
Lauren