You can take 10 when you make a skill roll "When your character is not in immediate danger or distracted".
Would this include when a character is making a magical item?
There is a nice discussion of this very topic here.
You can take 10 any time you are not rushed or distracted. It counts as your one roll and takes no extra time. Use this when an average roll should suffice to let you succeed, but a low roll would fail.
On the other hand, Take 20 is something to choose only if you have enough time (takes 20x as long), and when there is no significant penalty for failure (you take all penalties before you are successful).
Taking 10 and Taking 20 - from d20pfsrd
The real question is whether you have enough ranks and skill points to beat the DC for your magic item with a 10 - easy to do with lower CL items, of course.
As opposed to taking 20, because in that case there is the additional requirements that the performed check must bear non consequence on a failed test. On the specific topic of creating a magic item, failing the check by 5 or more results in a cursed item.