Overall the item is weak for the work to get it, its more of a toy for those who have no EB items. Stats are weak and the effect is the only thing going for it
Permanent DMF = permanent levitate and VI will never introduce such items.
Some zones like Sirens Grotto or the Plane of Air remove all levitate effect when you zone in (PoA even strip all your buffs :p) and I bet it would be too difficult for them to cancel only one part of a spell or a permanent effect :).
Instead of a permanent DMF, I would better imagine a trigered DMF, but I guess it will be overpowered by "the vision" :p.