A Ranger cannot do what you want until he is 10th level since CL 7 is required to forge a ring.
Other than that, the formula is spell level x caster level x 2000 for continuous, x2 for minutes/level duration spells converted to continuous. Basically, 4000 GP (cast at minimum level), though you may be hard pressed to find a GM that would allow it.
(1) If you had to use the table, a continuous spell has an approximate value of (spell level)x(caster level)x2000x(special duration factor), where the "duration factor" is
If a continuous item has an effect based on a spell with a duration measured in rounds, multiply the cost by 4. If the duration of the spell is 1 minute/level, multiply the cost by 2, and if the duration is 10 minutes/level, multiply the cost by 1.5. If the spell has a 24-hour duration or greater, divide the cost in half.
So your ring of lead blades would have a base estimated cost of 4000 before (3) below kicks in.
(2) Yes.
(3) This is to be done whenever possible; the table I linked to is for when there's nothing to compare it to, in which case the GM should also eyeball it for reasonableness. (This is from the rules text above and below the table.) The classic comparison example is that a ring of continuous mage armor would cost only 2000 gp by the table but would duplicate the effect of bracers of armor +4, a 16000 gp item, and therefore should cost 16000.
The only thing that "compares" to a ring of lead blades is the impact weapon enchantment, which costs a +2 bonus. That's hard to translate to gp directly, but it would be expensive. Frankly most GMs are going to insist you get impact on each weapon you want to wield that way, rather than allowing your ring at all---it'd be very powerful. Sorry to be the bearer of bad news there.
Oh, and taks is correct about the prereq for the Forge Ring feat. Even the Craft Wondrous Item feat requires caster level 3rd.
What Fuzzy said. Personally, if I were to allow such an item (which I wouldn't), I'd peg it somewhere in the 35,000-40,000 gp region, possibly higher, because you're effectively gaining the impact weapon ability (minimum cost 18,000 gp) on every weapon you use, and doubling the cost seems like the minimum for the benefit.
Impact, that was what I was thinking, I just couldn't place it in my head while lying here on the couch being a bum. :)
I would not allow such a ring to be continuous. Think about it... 4000 GP for 2 minutes per day, or continuous use.
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The only thing that "compares" to a ring of lead blades is the impact weapon enchantment, which costs a +2 bonus. That's hard to translate to gp directly, but it would be expensive.
+1
Going to the chart is a bad idea on something like this. It will, without doubt, be lower in cost using the chart than it should be by the guidelines.