| zeppie |
I would make this item very expensive as a Continual effect or command word effect. At best you're talking about a ring of regenration that does even more healing than the ring does (but without restoring fingers and toes like that spell does)
http://www.d20pfsrd.com/magic-items/rings/ring-of-regeneration
Beyond that I think:
"2 If a continuous item has an effect based on a spell with a duration measured in rounds, multiply the cost by 4."
would apply, as cure light takes 1 standard action, which as a DM I would rule so similar to a round that this line should be considered.
So Lvl 1 * Caster 1 * 2000 * 4 = 8000gp... is where I would start with a minimum cost. But the ring of regeneration is 90k so your actual price should be somewhere in between those ranges.
Just remember the cost is a guide, but does not always work. IE
Cloak/Ring/Boots of true strike = lvl 1 * caster 1 * 4 (1 standard action) * 2000 = 8000 for +20 to hit for each item. I think everyone knows that is just insane so you have to be carefull with making magic items (it seams more so from 1st lvl spells)