All custom items are subject to your approval...if you don't have an issue with it then its fine.
I think of it this way...the only normal way to get both a +2 to both str and dex using items is the belt that gives both for 50% more one of the adds...so 10k total for a belt that does both. So letting him get both bonuses for less than someone else would could/could not be a big deal
My GM is ok with custom items like that depending on what kind of campaign we are in...but it's ultimately a GM call
Basically custom items are completely up to GM discretion. Some GMs say only items listed in the books are allowed. Some GMs let absolutely anything go. I would say most end up somewhere in the middle (b/c some things shouldn't be allowed, right?).
Personally, I have no problem w/ magic items that are basically doing something another item does but from a different slot, but opinions vary.
It comes down to what you feel should be allowed in your game. If you feel it should cost more, it does.
Sadly I don't feel like that is terribly helpful. :/
EDIT: NINJA'D
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The key is, in economics terms, opportunity costs. By getting gloves of strength, he is using up another slot, which is a limited resource. So, it is not game breaking to allow it. But, it is a custom item, as noted by others above. PFS won't allow it.
The cost increase is for putting both items into the same slot, and thus not using up that limited resource.
