Aye, its really only cursed if your conscience bothers you. My DM has referred to is as cursed, but it doesn't really fall under the qualifications for a truly cursed item. To a character that has no compuctions about using Sex Slave or Erotic Enslavement, this is only one step up, and even provides a nice safe place to play in! On the other hand, a chaste good hearted Paladin with secret lusts that he/she never gives in to would have a great deal of grief with this item.
So, for creation it would require at least a 13th level caster, but I would imagine you could possibly find one that was previously owned. Do you think we will need to create tables for figurines likely to be already present in a found bag? Perhaps something like, you roll to see how many owners it has had. Then, based on the number of previous owners you determine how many figurines would already be in the bag. Then you roll on a racial chart and a gender chart for each figurine. (I hope I'm not getting to complicated here.

)
For reference, Reshana has been played for about 4 years game time, she's had the bag for about 2 years. There have been a total of 16 captures, 2 of which were freed, making the bag have a total of 14 figures. There have also been many succesful Wisdom checks and capture avoids through seduction. The population in the bag is as follows-
Male Human Knight
Female Human Thief
Female Centaur (0 level)
Male High Elf (0 level)
Male Dark Elf (0 level)
Male Human Lawgiver (city constabulary)
Female Human Lawgiver (city constabulary)
Male Human Street Urchin (age 16)
Female High Elf (0 level)
Female Dark Elf Jester
Male Human Monk (Oriental Adventures)
Male Human Samurai (Oriental Adventures)
Female Chosen (DM created race, attractive by normal standards)
Female Dark Chosen (DM created race, attractive by normal standards)
Assuming that a bag with multiple owners would have different tastes, all sorts of races and genders could be in a previously owned bag (mmm mmm orcs

).