The first issue is Death Ward. It basically negates a big downside of the item.
The item also doesn't seem that good for a desperation self sacrifice scenario. Most likely in any scenario where such a move is necessary the user won't be anywhere near full hp. Reducing the value of the item. The small range also severely limits the use of the item.
I would say in a lot of scenarios casting any aoe spell centered on the person would achieve more. A simple fireball is around 28 damage with much higher aoe.
The item requires a lot of planning and preparation to be useful rather than being an emergency item to get out of a tricky situation. Which isn't necessarily bad but goes against your inteded usage.