Personally I dont think its a horrible idea, but I would restrict it to make it reflect the difficulty of the task.
Here is basically what I would do.
Reverse Engineering
Prerequisites: Knowledge (Arcana) 8 ranks, Spellcraft 8 ranks, Any Craft Item feat, Must prepare spells from a spellbook, Ability to cast Identify
Benefit: The Wizard may study any magical item of a type that they are skilled in creating and divine the process used to create the item and thus the spell(s) used to create it. Once the spell is known, the caster can study that spell and then learn that spell as if studying it form a scroll or spellbook.
This process takes 1 day per 1,000gp market value of the item being reverse engineered plus one day per spell level of the spell being learned, and also requires the casting of an Identify spell each day. If the item is charged, each day 1 use worth of charges must be expended to study the spell's effect. Single use items (such as potions) are destroyed in this process. If the item is worn to activate, the Wizard must wear the item normally. At the end of the identification process, the Wizard must make a Spellcraft check (Base DC as below, plus spell level of the spell) to determine if they have gained the necessary insight to learn the new spell. If successful they may now scribe the spell into their spellbook as per the normal scribing rules.
Item Type .............DC+Spell Level
--------------------------
Armor....................25
Weapon................25
Potion...................15
Ring......................20
Rod.......................25
Staff......................25
Wand....................15
Wondrous Item.....20
Thoughts?