Pretty new at this as well but I have something similar in mind for my current character (Cleric with Destruction/War domains, big, bad, intimidating and so forth).
All of this comes from
http://www.d20srd.org/srd/magicItems/creatingMagicItems.htm#magicItemGoldPieceValues
Armor with a continuous spell-like effect. (the question is which spell like effect would be best in my mind).
Creating Magic Armor
Item Creation Feat Required: Craft Magic Arms and Armor.
Use-activated or continuous = Spell level × caster level × 2,000(If the duration of the spell is 1 minute/level, multiply the cost by 2) gp.
Armor, shield, or weapon - Add cost of masterwork item
So a masterwork breastplate enchanted with Bane (Fills all enemies within 50 ft. with fear and doubt. Each affected creature takes a -1 penalty on attack rolls and a -1 penalty on saving throws against fear effects. Saving Throw: Will negates, Spell Resistance applies. Duration: 1 min./level)
This is for a masterwork breastplate that has a continuous bane effect for all enemies within 50ft of the wearer with a DC (11 + WIS bonus of creator).
Cost = masterwork breastplate + (Spell level × caster level × (2,000x2) gp) = 350 gp + (spell level 1 x caster level 1 x 4000) = 4350 gp
Maybe not the best, but a start (again this is new to me too

). Of course you could add all kinds modifiers to the spell/caster level to increase the DC, choose different spells (like Protection from E/G/L/C), metamagic feats to the spell to change level/shape/etc.
Edit:
A Better idea may be a use activated Cause Fear, that way the player can trigger the effect if monsters are closing for melee and the DM and player don't have to remember all those pesky rolls to see if every enemy is affected, etc. (Player: Did you roll for the Bane?

...DM: Uh, sure I did...yeah...everyone made it...

)