It seemd a bit weak, particularly given that theres a PC with craft weapons and armor in the party. Its also based on the pre-magic item compendium practical look at magic item pricing.
Opening to a random page, lets examine Coral's Bite, a trident. Lets wave our hand, and pretend its a martial weapon someone would actually want to use (longsword, greatsword, etc). In the end, its a +3 monstrous humanoid bane trident that grants +2 natural armor class and lets you breathe underwater. The legacy rituals will run you 13,200 gp, and you end up losing 2 from all attack rolls, 3 from will saves and 10 HP.
Lets pretend monstrous humanoid bane is just as useful as any of the other bane types, so its a +4 weapon, which would ordinarily run a crafter 16,000 gp. We can compare its water breathing property to the "Gilled" property which lets a water breather breathe air, so thats another 3000 for the crafter (19,000). Lastly theres the natural armor bonus of +2. Its worse than a slotless item for a number of reasons, mainly you have to use the trident to get the benefit. So we'll use the standard 1.5 cost for natural armor bonus of +2 (8x1.5/2 = 6000). Total cost of this item is about 25000 for a party with access to the 2 most comonly taken craft feats (armos and armor, wondrous items). Though in my esitmate its a bit high for the natural armor bonus, since you can add it cheaper in the MIC, but whatever.
You save 11,800 gp for taking a -2 to all attacks (even with the stupid trident, which kind of negates the majority of the cost) - this includes grapples as well. You also lose a fairly brutal -3 to will saves, and 10 hp. IMO, and everyone I've gamed with, that translates into you paying way too much.
Lets recalculate the item assuming the -2 to all attacks really makes thde trident roughly the equivalent of a +1 monstrous bane trident. Yeah, you get an extra +2 to damage, but thats really hardly worth the full +2. The cost for a party with crafters drops noticably to 13,000). Meaning such a party actually pays 200 EXTRA for the privelege of losing 10hp, 3 to will saves and a -2 to attacks with other weapons.
WoL needs a bit of reworking IMO. Its iffy as is, but their value drops significantly when there are crafters present. our solution was to let crafters ignore half the penalty.