Item of Arrow Mind

I am looking to price out an item for one of my players. Basically, they would like an item that grants them continuous use Arrow Mind from the Spell Compendium. It is a 1st level sorcerer/wizard spell with a duration of 1 min/level. So, by standard item creation rules, it would be a 4,000gp item. It would grant them the ability to make attacks of opportunities with a bow and never provoke attacks of opportunity when firing within melee range. 4,000gp seems a bit low, as it provides a ton of versatility in combat. But, I am not sure of a good price point.

Does anyone have any suggestions for how I might evaluate what this is worth? I figure, it is granting a second level ability for a weak class (Order of the Bow Initiate) plus granting the potential for an extra attack per round (by granting attacks of opportunity with a bow). I am thinking the class ability alone is probably worth around 3-4,000gp. Add in the possible extra attack that occurs on average once a combat and you have something similar to a very limited haste effect. Maybe 10,000gp would be more appropriate for the item? Would it make sense for it to take the eyes slot given the fluff for the Arrow Mind spell affecting your vision?