But that's not continuous and can't be priced by the continuous formula.
A "continuous" CLW effect is basically a use-activated caster level 1, spell level 1 uncharged item that can do 10 rounds/minute * 60 minutes/hour * 24 hours/day = 14,400 times/day = that's 5,760,000gp.
The ring of fast healing is considerably cheaper.
No idea where you got THAT continuous formula.
True, I technically made the ring use-activated(injured) which uses the SAME formula as continuous per RAW so the pricing remains unchanged regardless of which description you prefer.
You are correct in pointing out an uncharged item is created as if it had 100 charges when calculating the spells material and XP costs - however CLW has neither, thus zeroing those additional costs. Further, CLW is instaneous effect so there isnt an additional cost for generating a multi-round effect, which I should have shown.
7th level NPC to forge ring (7th level NPC * 10g per level) 70
Cure Light Wound cast by 1st level cleric as constant effect (1 x 1 x 2000) 2,000
thus base gold cost = 2,070
CLW is an instanteous effect (base * 0) = 0
CLW has no material components (100 charges x 0) = 0
CLW has no Xp components (100 charges x 0) = 0
NPC xp creation cost = 5(base/25) = 414
basic supplies cost = base/2 = 1,035
------------------------------------------------------------------------------
final cost = 3,519gp
If Use-Activated(injured)/Continuous bothers you, change it to a Command word activation and reduce the cost accordingly:
7th level NPC to forge ring (7th level NPC * 10g per level) 70
Cure Light Wound cast by 1st level cleric with Commdand Word (1 x 1 x 1800) 1,800
thus base gold cost = 1,870
Cure Light Wounds is an instanteous effect (base*0) = 0
Cure Light Wounds has no material components (100 charges x 0)=0
Cure Light Wounds has no Xp components (100 charges x 0) =0
xp creation cost = 5(base/25) = 374
cost of basic supplies cost = base/2 = 935
-----------------------------------------------
final cost: $3,179gp
However that seems a step in the wrong direction since you feel it was already too inexpensive, so lets leave it use-activated(injured) but limit it to say 5 uses per day instead:
7th level NPC to forge ring (7th level NPC * 10g per level) 70
Cure Light Wound cast by 1st level cleric as constant effect (1 x 1 x 2000) 2,000
thus base gold cost = 2,070
Limited to 5x daily (base/(5/5 uses)) = 2,070
Cure Light Wounds has no material components (100 charges x 0) =0
Cure Light Wounds has no Xp components (100 charges x 0) =0
xp creation cost = 5(base/25) = 414
cost of basic supplies cost = base/2 = 1,035
-------------------------------------------------
final cost = 5,589gp
thus:
5x daily 5,589
10x daily 7,659
15x daily 9,729
24x daily 13,455
It really boils down to how much does the GM wants to charge the party for pressing onward rather than taking an extended rest after #daily encounters.