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Good Afternoon Everyone,
Thanks to KarlBob and everyone else for your comments and suggestions. Here are my comments to clarify the thought process behind the creation of the item in question:
1. The Shield spell is a "Shield bonus." It is extremely less versatile than a deflection bonus. It does not count against touch AC, or CMD. The effect is not centered on the glove, it just allows the casting of the spell as a normal caster would.
2. Both spells are command-word activated. Standard actions are required to use either effect, and as agreed upon, are very valuable actions in a combat situation.
3. Unlike staves or wands, the glove takes up a magic item body slot and therefore is more limiting than either item.
4. Using the spells as they are written, minimizes discussions on applications and mechanics. The caster level for the item (3rd) would be applicable in matters related to Spell Resistance, Duration and Dispelling attempts. The item is designed to cast certain spells for their written effects. If the item was to grant a Shield bonus or generate force projectiles, there are other established crafting mechanics for such effects.
5. The item is designed as a low-power item to help increase the versatility of a character, without diluting focus by multi-classing. The character creating the item is a 4th level Warpriest. Both spells are available to several arcane casters of that level, and should not be considered a "game changer."
6. Majuba does have a point about both items needing the same caster level. With that in mind, the market value of the item would increase to 6,750 GP, with a crafting cost of 3,375 GP and a crafting time of 7 days. I think this makes the cost of the item (for a 4th level character) with the intended capabilities of the item, a lot more reasonable.
What does everyone think about that?