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As I read the rules, you should be able to take this feat at 5th level (assuming that you get a feat) as long as you have the practiced spellcaster feat. I believe that you should only be able to really get the craft wand feat with your build at 6th character level at the earliest (unless I am missing something).
While I am unfamiliar with the "mask" prestige class, any effect that helps your casting ability should be able to be used as long as it is a continuous effect. You would have to wear the mask during the entire item creation process, but aside from that, I don't see any issues with it.
Interesting combination, but as I read the rules, it should work. [url=smurf][/url]
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On the original question:
Does a 1st-level wizard/4th-level rogue with Practiced Spellcaster qualify for a prestige class that requires “Spellcaster level 5th”?
No. This prestige class requirement doesn’t refer to your caster level (a value which can be modified by many feats, class features, and even temporary effects) but to your actual level in a spellcasting class. (If it helps, you can think of this requirement as “Spellcaster, 5th level.”)
The same applies for characters whose caster level is less than their class level. A 5th-level paladin meets the “Spellcaster level 5th) requirement, even though her actual caster level is only 2nd.
As I read it, the same applies to the requirements for taking a feat. You can't take Create Wand until your caster level in a single class is 5th or higher.
And something I just noticed: It's not completely clear that classes like Mystic Theurge raise your "spellcaster/caster level".
When a new mystic theurge level is gained, the character gains new spells per day as if he had also gained a level in any one arcane spellcasting class he belonged to before he added the prestige class and any one divine spellcasting class he belonged to previously. He does not, however, gain any other benefit a character of that class would have gained. This essentially means that he adds the level of mystic theurge to the level of whatever other arcane spellcasting class and divine spellcasting class the character has, then determines spells per day and caster level accordingly.
The first part pretty clearly excludes "caster level", while the last part includes it explicitly, but only as an example. FWIW, I'd treat these classes as adding to the character's "caster level" for the purpose of feats, beating SR, entering prestige classes, and a few other things, even though they aren't "new spells per day".
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First of all, your calculations seem to be correct regarding the raw materials and the xp cost. You didn't divide the raw materials by 500 gp like you mentioned above and so the number of days is about half of what it should be.
Cure light at 1st level caster -- 1 day
Cure light at 5th level caster -- 4 days
Cure critical at 7th level caster -- 21 days
Cure critical at 17th level caster -- 51 days (if you are using the Eberron Campaign Setting you might want to look into the Exceptional Artisan feat.)
As far as the caster level issue goes -- the FAQ does seem to make a distinction between "caster level" and "spellcaster level". It even goes on to say that a 5th level paladin qualifies for a "spellcaster level 5th" but not for "caster level 5th". Therefore, I don't see a problem with your build as you have it presented.
Hope that helps.
So Raw Materials is basically Spell Level x Caster Level x 375 GP?
Would XP be base price X 1/25? Could we break that down to Raw Materials /12.5?
And if time is 1 day per $1000 of base price, could this also be dropped to 1 day per $500 raw materials?
Yes to all, and yes, Practiced Spellcaster can be used to allow (for example) a bard 2/cleric 3 to qualify for Craft Wand.
It is also abundantly clear, however poorly it may be worded in a particular prestige class description, that any time a prestige class adds "+1 level" to an existing class's spells per day, caster level is increased as well. (This should be obvious, since it would otherwise be impossible for members of such prestige classes to cast higher-level spells, since they would not possess the minimum caster level to do so.)