Under the basic DMG item creation rules, yes, you could make an item that cast Cure Light Wounds every round.
But you won't. EVER.
Some spells just aren't meant to be unlimited-use. For example, I could make an item that continuously gives the Shield spell, or one Magic Missile per round, or gives a free True Strike per round. These would also just be 1800-2000 gp. But, no one in their right mind would put these in a campaign.
This is why the Boots of Springing and Striding keep having their price changed (they're up to 6k now, right? And everyone STILL wants them) This is just one of those areas where the DM has to step in and say "No, you can't have that" or "Okay, but it costs 20 times what you thought it would" to keep things balanced.
Frankly, the whole concept of "unlimited charge" items upsets me. It's the same problem people have with Persistent Spell: spell duration is one of the ways you balance a spell, but suddenly changing it to a flat 24 hours (or permanent, for items) changes that balance.
Especially for items, where you can lower caster level. What's the difference between a CL 1 Shield spell and CL 10? Just duration, but if it's always on that doesn't matter.
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Here's what I did. You can try something similar.
1> An item's caster level can't be less than what is needed for its spell prerequisites (this is in the book). The Feat is also a prerequisite. Therefore, IMC, every item's caster level can be no less than what is needed for the Feat in question. So, a Wondrous item has a minimum caster level of 3, which affects prices, spell durations, etc.
2> Wondrous items can no longer have continuous effects or unlimited uses. You want something like that, go get a Ring (which have a minimum caster level of 12), under the "quacks like a duck" ruling.
Then, split everything into two groups:
>Command-Activated: takes a partial action to activate, and you get 5 uses per day at book price (360*caster level*spell level per use)
>Use-Activated: free action, you get 4 uses per day at book price (500*caster level*spell level per use)
So, the Boots of Springing and Striding give you 4 free-action uses of Expeditious Retreat per day, and each use lasts 3 minutes, for a price tag of 6500 gp (6000 for the spell, 500 for the jump bonus)
Now, back to your original question:
If you made a Bandage of Yondalla (command-word casts Cure Light Wounds), it'd cost 5400, be used 5 times per day, and heal 1d8+3 points. Still a useful item, but a lot more balanced.
(Then there's the Band-Aid of Pelor, which casts Cure Minor Wounds as a free action 1/day; it's used to stabilize people, activates when you slap it on them, for only 750 gp)
Edit: fixed incorrect price on the Band-Aid