I think I'd have the player build it as a +1 gauntlet weapon with the shock additional ability, but that only does 1d6 electrical damage.
If I was feeling exceptionally nice, I might let him increase the damage and require chain lightning as the spell requirement to create the item. This would bump the it up to CL 11. Additionally, I'd count each 1d6 damage as a +1 bonus for item creation purposes.
End result: +1 extreme shocking gauntlet (5d6 electrical damage), cost 72,000gp (6 squared *2000).
Also, I have no problem letting the player make a touch attack with this weapon...they just wouldn't get the non-electrical damage.