New Magic Item- Balanced?

Just a question for the GMs out there. Would you allow this item in game? Would you allow it with changes, or simply forbid it entirely?

Master Alchemist’s Lab

Aura: Moderate Transmutation
CL: 7
Slot: Slotless/Site (Use activated)
Price: 8, 000 gp
Weight: 100 lbs (when being transported)

Description
This Alchemical laboratory is extensive, beyond even a typical Alchemical Lab. While anyone may use it as a simple Alchemical Lab, for the usual +2 bonus, a well-trained expert (with at least 5 ranks in Craft (alchemy)) can use to effectively gain the Master Alchemist Feat (APG). If they already have that feat they merely gain a further +2 to their total (plus another 2 for the usual Alchemical Lab bonus).
The Master Alchemist’s Lab requires at least 5 man-hours to set up properly. This time should be doubled if none of those involved have at least one rank in craft (alchemy). Until fully set-up it may not be used. It also requires the same time to pack up properly. Each hour skipped in tear down results in a 20% chance of giving the entire Lab the ‘broken’ condition when it is next set-up and those hours from the sketchy tear down will be added onto that set-up.

Construction Requirements
Craft Wondrous Item, Fabricate, Craft (Alchemy) 5 ranks; Cost: 4,000 gp

Well, defiantly seems over priced. It gives you a feat. A feat with highly limited effects. Has a steep time restriction (10 hours to set up and break down, and that does not include the time it takes to do anything once set up).

I would allow it, but I can not see the point in someone taking it.

I agree with Dafydd. I can see that there is a utility (especially for alchemists) it just seems so cumbersome... I would allow it as is, but would also clarify that I would place constraints on someone trying to piece together something more out of it:

As a player I would be of a mind to combine this with some moving fortress (witch hut hex, etc.) and be able to travel- while this is set up- and craft alchemical materials at the same time... Since this would effectively nullify the negatives of the item I would be seriously annoyed as a GM... and likely impose some sort of penalty for spilt milk (of magnesia... or whatever alchemists are making these days).

I'd probably cut the price to 5000 and ditch the weird set up and take down stuff.

I agree it's overpriced and the set-up is excessive. Compare Amazing Tools of Manufacture. They have a similar but more powerful effect since they grant +4 rather than +2 on the craft check, provide a >100x increase in rate of mundane crafting (compared to 10x) and can speed up the production of magic items. They are also fully portable, and cost 12,000gp. Dave Justus' 5,000gp suggestion sounds about right.