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Crafting takes a period of no less than one day per thousand gold spent in creation of the item, I believe. Reagents created through the use of blood money persist for only one round, and the time period at which the `magic` is added to crafted items is not something defined. Thus, the common method is to assume the enchantments are gradually added as time passes. Either way, the cost of crafting an item also covers any material components of the spells being cast to create whatever it is you're making. So no, I don't think you will find many GMs willing to let you utilize blood money in that manner.
Even something as simple as creating a potion takes longer than one round. Besides that, material components are normally consumed by the spell cast. Failing to use it up results in blood money components simply vanishing, and I believe that same drawback would apply to any effects you tried to place inside a potion derived therefrom.
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Even fabricate's casting requires one round per ten cubic feet of material being used in the spell. This again turns into a case of blood money's time limit getting in the way unless you're making something that doesn't take any remotely feasible amount of material. One must also consider the wording of blood money.
You cast blood money just before casting another spell. As part of this spell's casting, you must cut one of your hands, releasing a stream of blood that causes you to take 1d6 points of damage. When you cast another spell in that same round, your blood transforms into one material component of your choice required by that second spell.
A lot (see: most) GMs are going to rule that this will only apply to material components to actually be consumed by a spell, not transmuted. Another alternative to this would be to allow it to occur, but rule that the item breaks down due to the very limited lifespan of material components created via blood money. Either way, I'd suggest just not trying it.
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That is actually something you'd need to discuss with your GM. It does specify that it will turn back if it hasn't been used. I'd imagine beginning the process of casting a spell that takes multiple rounds to complete would consume the object almost immediately. The most common use of the spell is as a substitute for more expensive things like casting animate dead, which has a casting time of one round. Anyway, the other take you will find on it is that the spell must be completed in the same round blood money was used. This will still allow it to function with full-round spells, but not something with an absurdly long cast time like create undead. Blood money's duration simply is not conducive to longer cast times if going by the more literal interpretation.
At best you might be able to use blood money (when crafting magic items) in order to supply the material component of the spell used in the crafting. For example using blood money to provide the material component for the stoneskin spell (the 250gp) when you create a scroll of stoneskin.
