Free item crafting capabilities...

[Magus Coeruleus]

Tangential: I am more comfortable as a DM doling out charged or single-use items than permanent ones. That goes double for PC-created items. I've added the spell Permanency as a prerequisite for any permanent magic item (including charges per day), and let Clerics have it on their list, too. This requires a caster to be at least 9th level to make permanent items, which helps explain why there aren't so many permanent items floating around in my world (that and the XP costs).

 

[Technik4]

I don't see a big problem with it. A couple things I predict:

Wizards slightly more powerful. Instead of spending feats on item creation, they can spend their bonus feats on metamagic.

Bard, Paladin, and Ranger will have new powers (at high levels). You never hear about bards making items, and its even less that you hear about paladins or rangers (although it is possible, Caster level 3 (Wondrous) is only 6th level for them and they can always have someone else cast the spell for them to make the item).

Clerics, Druids, and Sorcerors will have more breathing room when it comes to an already limited feat selection.

While Jester mentioned experience and gold as limiting factors I think the biggest is time. In a harried campaign, you can take 5 item creation feats and just not have the game time to use them to much effect. Sure potions and the like only take a day, but to craft something worthwhile you generally need time, at least a week (7,000 gp item). 3.5 alleviates this somewhat as you can divide up crafting times, work on it for a couple days, adventure, then when youre back in town work on it a little more.

I also think 3e is generally too customizable. Some things should be left to chance (random treasure tables) and dm perogative, imo. This doesnt mean the character shouldnt be able to craft a few items they really want, it means they shouldn't be looking through the DMG like its an equipment guide, outfitting their characters ala The Matrix.

Technik

 

[BSF]

I would go the fewer feat option. Arcana Unearthed drops it down to 5 feats if I recall correctly.

Or, you could go with the Artificer's Handbook. It is a nice little book on item creation and has optional rules. Including a different set of creation feats. It breaks down the item creation feats to 4 feats and each one chains upward. In other words, you need the previous feat in the tree since it is a prerequisite. There are other feats to modify these feats that all work within the rules of the book. I like it, but YMMV. There are a few threads here on the board that discuss it a little more.

One thing to note is that with a feat tree, everybody that wants to create magic items will need to progress in the same manner. It is not necessarily a bad thing, but it is something to keep in mind.