I was trying my hand with the item creation guidelines, so I just picked a spell at random and ran with it. I ended up liking the result. Here is what I came up with. Tell me if you like it. Hope it didn't already exist.
Steel Scarf
Aura faint transmutation; CL 3rd
Slot Shield; Price 12,000 gp; Weight negligible.
Description
This ordinary looking scarf has been permenantly modified by the effect of a silk to steel spell. As a free action, the scarf can stiffen up and become hard as steel, functioning as a light shield, but granting a +2 shield bonus to ac with no armor check penalty or spell failure chance. This item can be further enchanted as a shield, but only grants any abilities it has as a shield in this form. (for the purposes of further enhancements, treat this item as a masterwork shield.)
It can also function as a mundane whip for one round as a free action. It can be further enchanted as a whip, but only grants any abilities it has as a whip in this form. (for the purposes of further enhancements, treat this item as a masterwork whip.)
Pricing:
Use-activated or continuous (continuous in this case)
Spell level x caster level x 2,000 gp
2x3(wizard level required to cast the spell)x2000=12000gp
This item as per creation formulas should have the cost 4 times as much since the spell is measured in rounds. I intentionally did not do that, because the item's power level really doesn't warrant that cost. 48000 is the same price as a shield with a +7 enhancement for cripes sake! This thing can just turn into a whip for a round at a time and turn into a scarf when you're not using it. It's not an uber item. ;)