Losing the Item Familiar, by the way, would just mean losing Blurstrike and Eager off the weapon, saving nearly 10kgp... the +1 would be dropped, but the weapon is Adamantine anyway. And of course that money would go right back into a ring of +10 Iajuitsu Focus. Losing Craft Wonderous Item at that point would actually have very little effect, probably just droping the +1 and Warning off the armour spikes (another 8kgp down), and perhaps dropping some of the bonus on a few items.
So, lowered initiative (but it's still very high), slightly lower stats, and not much else, but it would free up two feats. It's not actually doing THAT much, other than making the character the way I want it.
If I were actually trying to optimize like crazy, I'd be using Greater Manyshot with Cunning Surge or something, possibly with Master of Poisons to make good use of Minor Creation for 10 hours of any poison from a single dose (which is not nearly as abusive as using Major Creation to dump literally thousands of doses on an entire encounter at long range). Vaporize encounters left right and center, on anyone not poison immune (and if they are immune, they're often undead... why hello thar, opportunistic piety!). There's a materials cost of 1 dose per day, but I can craft it which reduces the cost significantly.
So yeah, I consider this to just be a well rounded flexible Factotum, not anything over the top. But again, I can lose the Item Familiar if the DM says as much... and I don't have to turn into archer of death.
JaronK