Yes, pretty much. Well, you also need to have the relevant item creation feat, the time it takes to make it (which can be modified by some feats), and the gold you need to create it (which can also be modified by feats and traits). Also, you have to be able to cast the spells or hire someone else to cast the spells for you. Sovereign Glue requires
Make Whole, which is a 2nd level spell.
There's another wrinkle you need to talk to your DM about before you start creating things. The PFSRD indicates that
caster level is an indicator of an item's relative power. It's used to determine the item's saving throw bonus, range and other level-dependent aspectsof the item, and the level that must be contended with should the item come under the effect of a dispel magic. Sovereign Glue can be - technically - made by a third level character, since all it requires is Craft Wondrous Item, Make Whole, and 1,200gp. But it has a caster level of 20, indicating that its power is pretty much just short of artifact-level. It doesn't make sense to me, at least, that a third-level character should be able to make something that powerful.
So you need to talk to your DM. What I've seen used sometimes is that your own power level limits what you can make. So that third level character would be able to make items that have caster levels up to 3.
On the flipside of this is items like the
Pearl of Power, which lists a caster level of 17. There is a specific FAQ about this which suggests the CL should be the minimum level for the spells to be cast (1 for a 1st level Pearl, 3 for a 2nd level Pearl, and so on and so forth).
In the end, by the rules as written, the item caster level is
NOT a requirement for anything but setting the DC of the roll to create it. But whether your DM restricts this further is probably something you need to know. Skill levels can outstrip a DC fairly quickly. My own
Artificer has a Spellcraft of +10 at 2nd level, and he's nowhere near completely optimized for item creation. This means he could theoretically make an item with a caster level of 6 or lower with no chance of failure right now, all other things being equal. At 10th level, that number will be 16, and that's only if he doesn't have an item that boosts his Spellcraft, which he likely will.
