Don't bother multiplying by 6/5 or 8/5. As I said above, an item with more than 5 daily charges isn't modified in this way, because that's not a real limitation. Since a 6/day or 8/day item would cost the same as an unlimited item, no one would ever create one; they'd just make the unlimited one instead.
Be aware that activation is not a drawback for spells with long duration. The wearer could activate the ring in the morning, and reactivate each time it expired. He wouldn't need to spend an action in combat, so for game purposes, it's effectively a continuous benefit.
Note also that for someone with an odd Strength score, this item could give more benefit than the +4 item. On a high roll, the extra point is enough to push the wearer's bonus up by one more bracket. (E.g., someone with Str 15 could have his Strength increased to 20, increasing his Str bonus by 3.)