So as the tittle says it is possible to use the Inscribe Magical Tattoo to create "normal named" wondrous items like a ring of protection or any other wondrous item?
Yes, you can inscribe tattoos that have the same effect as wondrous items. In fact that's the easiest way to come up with tattoo's that don't mess up game balance.
If using "basic items" what would the pricing be? Would it remain the same or be increased for the whole slotless thing?
Increased, unless it was already slotless.
Increased. (I think it costs double for a slotless item.)
BTW... I wanted to use this feat because of my characters background but my GM didn't like the slotless part. In effect it allows a character to pile on way too many magic items for his taste. To maintain game balance we house ruled that the tattoos took up a normal magic slot and we reduced the price to the same a slotted item.
By implication of IMT you can also make wondrous items that duplicate any tattoo (and at half cost if they are slotted).
That's kind of weird speaker. If IMT is allowed and making new items with it are allowed, then wouldn't your DM let you follow the rules for adding effects to existing magical items? That doesn't increase the number of items you have and costs less than tattoos.
I guess I wasn't clear.
I have a character who is covered with tattoos. The house rule we're going with is that the tattoos take up magic slots and are priced as slotted items. We are using the existing rules for adding effects to existing tattoos.
My GM wanted to avoid having characters with two tattoos in their tattoo ring slots and wearing two rings in their regular ring slots as well.