I saw this spell for 850pp in the bazaar, thought that was a ridiculous price, so I decided to try to research it. My research skill is 153. Successfully created the spell on my first try. Either I was very lucky, or the chance return must be pretty good.
I spent 75pp on the Staff shard of Luclin, about 3pp on the words and the other store bought items I don't think even come to 1pp total. Oh, I also used the Geerlok Automated Quill, so effectively my research skill was 160-161.
This spell is definately worth 80-160pp (attempt twice at most) but I wouldn't spend much more on it.