You are working on the theory that all 1,000 can get attacks against the PC every round. Tiny creatures usually take up 1/4 of a 5-ft. square, limiting the number that can attack you (i.e. get into your square to attack you) to a much lower number (4 by my counting for normal stirges/round). In reality, only about 1/4 of the stirges would be in the PC's square (250). If only four could get an effective attack (in vulnerable areas) at a time, 2d4 Con. damage seems generous.
Wouldn't the other swarms stacking up on the party be immune to the Con. damage because the Attach ability can only target Small and larger creatures? Plus:
From the SRD Larger swarms are represented by multiples of single swarms. A large swarm is completely shapeable, though it usually remains contiguous.
According to the SRD the stirge is CR 1/2 not 1/8. Don't forget the half damage from all piercing and slashing weapons does increase combat effectiveness, too. Immunity to critical hits and flanking also constitutes an increase in combat effectiveness. Never staggered or reduced to dying state, not subject to being tripped, grappled, bull rushed. Immune to spells that target specific numbers of creatures. Please re-figure the CR.
Also swarms do auto damage according to their HD (even Locusts with no effective attack) so auto damage should be 3d6 each round and add the 2d4 Con damage after the first round.
I am also of the belief that there should be a round before Con. damage is assessed. So 1st round, distraction and damage only. 2nd and following rounds: distraction, damage, and Con. damage.
Ciao
Dave