Here's a list of magic item cost formulas for future reference.
That said, it would be spell level (4) x caster level (7) x 750 = 21,000 gold.
Edit: Ninjas be sneaky ;o
If the wand has a material component cost, it is added to the base price and cost to create once for each charge (50 × material component cost).
I believe the punch line is that the cost of the material component isn't known until each charge is used -- 100 gp or 1,000 gp -- so it's Schrödinger's wand.
I never noticed that part of wand creation. This really is a much harder question than previously expected, though I guess the most obvious solution would be to say you pick when you make the wand and then it's locked in.
I would say the choice of what it is used to do had to be made at the time of crafting it. So if you wanted to get rid of permanent negative levels you would have to pay an extra 1000g per charge, if not then 100g per charge.
EDIT:Ninja'd...dam phone :(
it would cost 21000g +100g per charge, and yes. For getting rid of permanent negative levels, yes, 71000g.
TBH, if I were GM I would let you make it at cost, and then just have to pay the extra cost when you use it for that reason. So you would have to pay for it at 26000g, and then pay an extra 900g anytime you wanted to get rid of a permanent negative level.
The 21,000 was the cost without considering material component cost, so that would bump it to 26,000 or 71,000 respectively. Wow.
This is why some spells aren't worth making into wands :)
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Yeah, Restoration costs too much to make a useful wand.
Better to get a wand of Lesser Restoration for spamming for 4500 (better yet, tell the Pally to pick up Craft Wand and make one for only 1500) and get scrolls of Restoration for 800 and 1700 respectively. That way you only pay for the negative level removal you need.
Alternatively, if you can buy custom staves, a Staff of Restoration (3 charges/use) only costs 25,200, and is probably more useful than a wand.
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If you are buying a standard magic item you will find only the 71.000 gp version, capable any effect that restoration can remove. . From what I recall it is explained in a comment by a dev somewhere: when you craft a item based on a spell with variable component cost you always pay the highest cost.
It think it was about the miracle spell, but it is meant to be a general rule.
Naturally as a GM you can introduce a different version, but then you must specify that it is limited to curing non permanent level losses only in the item description.
Alternatively, if you can buy custom staves, a Staff of Restoration (3 charges/use) only costs 25,200, and is probably more useful than a wand.
It is not explicitly state, but I don't think you can make staves with 1 spell only.