This is just a suggestion, but on the screen where Fields are created (where you select String, Integer, etc), perhaps a checkbox for Notify. You only fire an event if the Field that's changing has the Notify Property set to true. 90% of the time, no one will deal with it, and there's no performance hit. But if a Plugin needs to be notified when a certain Field changes, then it can set that fields Notify value to true, sit back, and wait for the event to be fired. Yes, if a Plugin selected a field that's often modified there would be a performance hit, just as there would be if there were a ton of items changed at once. However, if the plugin worked on Name, Artist, Album, Filename, etc., then the hit would be miniscule.
Ultimately, it would still boil down to the Plugin Designer taking precautions, but that shouldn't be too difficult as their plugin will bog down the system if they do not, and no one would want it.