Ack! sorry all. RL came up and sneak attacked me. Perhaps Karrak is coming up to join the guard duty now? Runnning late as always... damn short legs! Hard to keep up
Edit: [MENTION=6684877]Inspiratorium[/MENTION] love the idea! Kick it down
[MENTION=84167]HolyMan[/MENTION] - it's a level 4,5,6 item and a level 4 value worth of gold.
Yeah, I'm sorry if I wasn't clear. You should have a piece of equipment at each of levels 4-6, then gold equal to the value of a level 4 magic item. The rules for that are (I belive) in the DMG.
HM - You can ready an action for any contingency, so long as it's only one thing at a time. "Ready Sleep as a standard action for when 3 of the heroes are in my line of sight" is entirely valid.
HM: You can substitute a lower level item for a higher one, but you wouldn't gain the difference in value in gold or anything. Also, you can spend the gp equal to a lvl4 item. That's basically your character's accumulated wealth.
Inspir: No worries, mate. If a situation comes up, I'll manage it. Enjoy your vacation!